Oil & Gas Industry / Refiners Exxon Mobil To Withdraw From Japan
The world's biggest oil corporation takes its leave in Japan: Exxon sells all Japanese production and sales operations for US $3.9 billion.
Tokyo/Japan – Exxon Mobil withdraw from operation in Japan: The number one 'big oil' company announced plans to restructure its business in Asia, selling all productive and retail operations in Japan to Japanese refiner Tonen General Sekiyu for approximately US $3.9 billion. Exxon expects the restructuring to proceed seamless for its Japanese customers, dealers and business partners with expects existing agreements remaining unchanged, speakers said. Current management will remain in place until the closing of Exxon's Japanese business in mid–2012.
Exxon's only remaining commitment in Japan will be the large shares that the company holds in Tonen General Sekiyu and its participation on its Board of Directors. The Japanese refiner will have exclusive, long-term use of Exxon Mobil’s existing brands on the Japanese market.