Exxon enters talks to sell French business for 400 million euros
[LONDON] ExxonMobil entered exclusive talks to sell its entire 82.89 per cent stake in French unit Esso SAF, including a key refinery, to North Atlantic France SAS for about 400 million euros (S$584.2 million).
If completed, the deal would significantly diminish Exxon's presence in France, after the company announced last year that it would shut down part of its petrochemical operations in the country. The moves highlight the challenges faced by Europe to keep energy-intensive industries running amid regulations to curb greenhouse gas emissions and international competition.
The final acquisition price, which includes a significant amount of cash on Esso's balance sheet, will be determined by a number of different factors prior to the completion of negotiations, according to a statement from Exxon on Wednesday (May 28). Completion of the deal would be subject to obtaining regulatory authorisations and financing agreements, and is expected to occur during the last quarter of 2025.
By acquiring the Gravenchon refinery in northern France, North Atlantic is planning to develop the Normandy site 'into a green energy hub, leveraging its infrastructure to accelerate the deployment of low-carbon fuels and renewable power,' according to a statement. Gravenchon is one of six oil refineries in France.
Still, Exxon's crude-supply contracts for the refinery will remain and the Texas-based energy giant will maintain some staff in the country through a marketing and commercial center, the company said. The firm will market chemicals, finished lubricants, base stocks, synthetics and other specialty products, while the Esso brand will remain visible at 750 fuel stations.
The company has been shrinking its European presence, as its longtime UK office south of London is due to shut in 2026. Exxon sold its Fos oil refinery in France last year to a consortium that includes Trafigura Group. Exxon has been trying to sell its stake in Miro, Germany's biggest oil-processing complex.
The sale of Gravenchon leaves Exxon with plants in Antwerp and Rotterdam – Europe's oil-trading hub – as well as Fawley, the UK's biggest refinery. BLOOMBERG
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
an hour ago
- Straits Times
Japan curry shops see record bankruptcies as rice prices soar
TOKYO – A record number of curry shops in Japan went out of business in the past year, as purveyors of one of the country's most beloved dishes took a hit from soaring rice prices. Thirteen curry shops with more than 10 million yen (S$89,400) in debt filed for bankruptcy in the year ending in March – marking a record high for the second consecutive year, according to a report from Tokyo-based research firm Teikoku Databank. The total number of bankruptcies is likely much higher when considering smaller mom-and-pop shops, Teikoku said. Prices of mainstay ingredients in Japanese curry – such as rice, spices, meat and vegetables – have gone up due to a rice shortage, adverse weather and a weak yen, the report said. Higher energy prices have also dented the profits of shop operators. Japanese curry, a thick brown sauce containing meat and vegetables, is usually served on a bed of rice. A basic curry rice dish, a classic comfort food, now costs 365 yen – a record high, according to Teikoku. Prime Minister Shigeru Ishiba's government has been scrambling to combat skyrocketing rice prices in Japan by releasing stockpiles of the staple ahead of a summer election. During the coronavirus pandemic, takeout and delivery orders had fuelled a curry boom – that has now also slowed and hurt sales for curry shops, Teikoku said. Bloomberg Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
2 hours ago
- Business Times
Japan curry shops see record bankruptcies as rice prices soar
[TOKYO] A record number of curry shops in Japan went out of business in the past year, as purveyors of one of the country's most beloved dishes took a hit from soaring rice prices. Thirteen curry shops with more than 10 million yen (S$89,345) in debt filed for bankruptcy in the year ending in March – marking a record high for the second consecutive year, according to a report from Tokyo-based research firm Teikoku Databank. The total number of bankruptcies is likely much higher when considering smaller mom-and-pop shops, Teikoku said. Prices of mainstay ingredients in Japanese curry – such as rice, spices, meat and vegetables – have gone up due to a rice shortage, adverse weather and a weak yen, the report said. Higher energy prices have also dented the profits of shop operators. Japanese curry, a thick brown sauce containing meat and vegetables, is usually served on a bed of rice. A basic curry rice dish, a classic comfort food, now costs 365 yen – a record high, according to Teikoku. Prime Minister Shigeru Ishiba's government has been scrambling to combat skyrocketing rice prices in Japan by releasing stockpiles of the staple ahead of a summer election. During the coronavirus pandemic, takeout and delivery orders had fuelled a curry boom – that has now also slowed and hurt sales for curry shops, Teikoku said. BLOOMBERG
Business Times
5 hours ago
- Business Times
Lightstone Ventures, Temasek's ClavystBio co-lead Allay Therapeutics' US$57.5 million Series D funding
[SINGAPORE] United States-based biotechnology company Allay Therapeutics on Thursday (Jun 5) announced it has raised US$57.5 million in a Series D financing round, co-led by biotech venture capital (VC) firm Lightstone Ventures and ClavystBio, a Temasek-linked life sciences venture builder. Participants in the round include the following existing investors: New Enterprise Associates, a US-based VC company; healthcare VC firm Arboretum Ventures; Temasek unit Vertex Holdings' growth-stage VC fund Vertex Growth; Vertex's healthcare fund Vertex Ventures Healthcare; and Australian life sciences VC firm Brandon Capital. New investors who joined the round were US VC firm IPD Capital; Singapore government-backed deep tech investor SGInnovate; as well as EDBI, which operates under SG Growth Capital, the investment platform of the Singapore Economic Development Board and Enterprise Singapore. Drug manufacturer Maruishi Pharmaceutical has expanded its license agreement with Allay Therapeutics to include South Korea and Taiwan, in addition to Japan. As part of this agreement, Maruishi also participated in the Series D round. Meanwhile, HSBC Innovation Banking, which focuses on banking solutions for start-ups, investors and pre-initial public offering companies, also provided additional venture debt financing to Allay Therapeutics. Founded in 2017, Allay Therapeutics, which was incubated by Lightstone Ventures' Singapore fund and The Foundry, focuses on pain relief. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Its technology is used to create analgesic products that can aid patients with post-surgical pain management and recuperation, reducing the need for opoids and improving patient recovery. The company has teams in the US and Singapore. Funds from the Series D round will support the company's registration trial, which started in February this year and involves 200 participants in multiple US sites. The trial evaluates its product for the treatment of pain after total knee replacement surgery. Results from the trial will be available in the third quarter of 2025.
