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Exxon Completes Sale of French Refinery to Trafigura-Led Buyer
ExxonMobil has completed the sale of the Fos-sur-Mer refinery in France, its only processing facility in the Mediterranean region, to a consortium composed of Entara and Trafigura, the buyers said on Friday.
The deal includes the Toulouse and Villette-de-Vienne terminals, operated by Exxon’s local unit Esso.
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The consortium, Rhône Energies, has committed to a long-term agreement with Esso SAF to continue to supply to its downstream business in the region.
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With the sale of the 140,000 barrels per day refinery, Exxon is thus reducing its total refining capacity in Europe to about 1.1 million bpd, according to estimates compiled by Bloomberg. Still, Exxon remains the second-largest refining capacity holder in northwestern Europe, after France’s TotalEnergies.
Exxon is also close to divesting its 25% stake in a German refinery, MiRO Mineraloelraffinerie Oberrhein GmbH.
Last year, Exxon agreed to sell its stake in MiRO, the second-largest refinery in Germany, to Alcmene, a wholly-owned subsidiary of Liwathon Group, which specializes in midstream oil and commodity trading.
However, the deal has yet to be completed.
Oil trading houses have recently moved to scoop refining assets from Big Oil, which is divesting non-core downstream capacities to reduce emissions and focus on core key growth upstream areas.
After two years of exceptional profits in 2022 and 2023, the world’s biggest independent traders are looking to expand their reach and to reinvest part of the cash, including in refineries.
Vitol Group, for example, last year signed a deal to buy 35% of the Saras refinery in Italy after reaching a deal with members of the Moratti family.
Glencore also made the list of the biggest oil traders buying refineries from Big Oil. In May, Shell reached an agreement to sell its refining and chemicals assets in Singapore to CAPGC Pte. Ltd., a joint venture company between Chandra Asri Capital and Glencore Asian Holdings.
By Tsvetana Paraskova for Oilprice.com
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