ExxonMobil Considers Chemical Plant Sales Amid Global Industry Shifts

ExxonMobil is exploring the sale of its chemical plants in the UK and Belgium, valued at up to $1 billion, due to U.S. tariffs and increased competition from China. The potential sales are part of a broader industry trend as companies like LyondellBasell and Sabic reduce their European operations.

ExxonMobil is reportedly considering the sale of its chemical plants in the UK and Belgium, with potential earnings up to $1 billion, amidst challenges posed by U.S. tariffs and intensified competition from China.

The U.S. energy giant is in early discussions with advisers regarding the sales, as per sources cited in the Financial Times. Exxon has chosen not to comment on these speculations.

The European chemical sector faces mounting pressure from disrupted trade by U.S. tariffs and cheaper Asian imports, jeopardizing recovery efforts after the 2022 energy crisis. Other industry leaders like LyondellBasell are also scaling back European operations, indicating a significant shift within the sector.

(With inputs from agencies.)