Exxon Mobil Corp is exploring the sale of its gasoline station network in Hong Kong as part of its ongoing efforts to streamline its global retail operations.
According to people familiar with the matter, the US oil major is considering a potential valuation of about US$500 million to US$600 million (RM1.9 billion to RM2.3 billion) for the assets, though discussions are still ongoing and no final decision has been made.
The company operates the stations under the Esso brand and currently runs 39 fuel stations in Hong Kong, based on its website.
The possible divestment comes amid increasing uncertainty in the global fuel retail industry, where volatile oil prices and the rising shift toward electric vehicles are reshaping long-term demand.
Exxon has been actively streamlining its downstream retail portfolio worldwide and has engaged advisers to explore sales of Esso-branded stations in several markets, including France, New Zealand and Hong Kong. Last year, it also agreed to sell its Singapore Esso service station network to PT Chandra Asri Pacific Tbk.
In February, rival Chevron Corp also agreed to sell its Hong Kong fuel business to Thailand’s Bangchak Corp for US$270 million, reflecting broader consolidation in the sector.
Separately, Hong Kong’s fuel market faces long-term pressure from high retail prices and government incentives encouraging electric vehicle adoption, including registration tax waivers.
Exxon has not commented on the potential sale.
