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Exxon to sell Japan refiner stake for $4bn

Tokyo, January 28, 2012

Exxon Mobil plans to sell a large part of its 50 per cent stake in TonenGeneral Sekiyu back to its Japanese refining partner in a deal that could be worth about 300 billion yen ($3.9 billion), and will make an announcement as early as Monday, sources told Reuters.

Exxon Mobil will retain about a 20 per cent stake in TonenGeneral but the deal will mark a de facto retreat from the world's third-largest economy by the US oil giant, which is focusing its resources on emerging markets and development of natural resources.
-Reuters




Tags: Exxon Mobil | Japan | Stake | refiner | TonenGeneral |

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