rss icon Subscribe
desktop mobile

Exxon Eyes Sale of Italian Retail Network

Posted by Joseph Keefe

Exxon Mobil is seeking to sell half of its 2,500 petrol stations in Italy for up to 500 million euros ($537 million), several sources close to the process said.

Exxon, through its local subsidiary Esso, is the latest oil company trying to reduce its exposure to Italy's oversupplied petrol retail sector. Royal Dutch Shell exited last year and Total and Italian energy group Erg are nearing the sale of their joint venture.
According to a number of banking sources, private equity firm Apollo is considering acquiring both the Esso and Total/Erg's 2,600 stations to allow it to rationalise the portfolio and squeeze better profits.
One of the banking sources said that other private equity groups, including Carlyle have shown interest in buying the Esso branded stations.
Italy has around 21,000 service stations across the country, almost twice the number in France and almost three times that of Britain.
Over the past two years, the government has been seeking to cut the number of stations to bring them into line with demand and make the industry more efficient.
Exxon did not immediately respond to a request for comment. It generally doesn't use external advisors for M&A activity and it was unclear if it had hired a bank for this transaction.
Reporting by Ron Bousso

Mar 17, 2017

 

Contracts

Diana Charters out Sagitta to Hapag-Lloyd

Sagitta (Photo: Diana Containerships)

Diana Containerships Inc. announced that, through a separate wholly-owned subsidiary

Jee Sees Rise in Pigging and Plugging Projetcs

Photo: Jee

Jee Ltd. said its pigging and plugging division has had 11 new projects awarded by six different

Maersk to Pay $4 Bln for Hamburg Sud

File photo: Hamburg Sud

The world's biggest container shipping company Maersk Line will pay 3.7 billion euros ($4.

Energy

Swiss Court Tells Egypt Energy Companies to Pay Israel

A Swiss court has rejected an appeal by Egyptian energy companies after a French court last year ordered them to pay $2 billion in compensation to state-owned Israel Electric

US Drillers Add Oil Rigs for 15th Week

© Natalia Bratslavsky / Adobe Stocl

U.S. drillers added oil rigs for a 15th week in a row, but the pace of those additions slowed in

Pemex Approves New Deep Water Gulf Joint Venture

The board of Mexico's state-owned oil company Pemex on Thursday approved its second-ever deep water joint venture covering the Nobilis-Maximino block in the country's territorial

Maritime Apps