Investing.com — Exxon Mobil Corp (NYSE:) is considering selling its gas station business in Singapore, Bloomberg reported on Tuesday, with the sale potentially raising about $1 billion.
The oil and gas giant is in talks with financial advisors about the possible sale, Bloomberg reported, while other energy companies and private investment funds have expressed interest in the deal.
Exxon operates a network of more than 50 gas stations in Singapore under the Esso brand. The company has been operating in the Southeast Asian country for more than 130 years and also operates a refinery in the island nation.
Cutting its holdings in Singapore could mark Exxon’s second major divestment in Southeast Asia in recent months. Reuters reported in July that the company had agreed to sell its Malaysian oil and gas assets to state energy company Petronas.
