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ExxonMobil is exploring the potential sale of several European chemical facilities, including an ethylene plant in Fife, Scotland, and multiple sites in Belgium, according to sources familiar with the matter. The company has initiated preliminary discussions with advisers regarding the divestiture, which could be valued at up to $1 billion.
The move comes as the European chemicals sector faces challenges such as overcapacity, weak demand, and heightened competition from low-cost Chinese producers. Additionally, U.S. tariffs on European chemical imports and regulatory disputes with the European Union have increased energy costs, further impacting profitability.
While the sale remains a possibility, ExxonMobil has also considered shutting down the facilities. The company declined to comment on the matter, stating it does not “comment on rumors or speculation.”
This potential divestiture aligns with similar actions by other chemical companies, including LyondellBasell and Sabic, which are also scaling down their European operations.
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