Exxon Mobil is discussing the sale of its network of 41 Esso-branded gasoline stations in Hong Kong. The transaction could be valued between $500 million and $600 million. The energy giant has hired a financial adviser and is engaging with potential bidders, including several trading houses.
The potential divestment aligns with Exxon’s global strategy to streamline its retail footprint and exit non-core assets. The retail fuel sector faces long-term uncertainty from the global transition to electric vehicles. Near-term volatility in crude markets, intensified by Middle East conflict, further pressures the industry. This move follows Chevron’s February agreement to sell its own Hong Kong fuel business.