(Reuters) – American oil company ExxonMobil Corp (NYSE:) is considering a sale of its gas stations in Singapore, a deal that could raise about $1 billion, Bloomberg News reported on Tuesday, citing sources.
According to Esso’s website, Exxon operates 59 gas stations in Singapore under the Esso brand.
A sale would allow Exxon to raise money to deploy in other areas with higher growth potential, the report said, adding that energy industry players and investment funds had expressed preliminary interest in the sale.
Exxon declined to comment on the report.
The company has been operating in Singapore for more than 130 years. The facilities in the country include a refinery complex, a lubricant plant, a fuel terminal and a liquefied petroleum gas (LPG) bottling plant.
A potential deal would be the oil giant’s second divestment in Southeast Asia in recent months.
Reuters reported in July that Exxon had agreed to sell its Malaysian oil and gas assets to state energy company Petronas, leaving the country’s upstream sector where it was previously a dominant producer.
