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Exxon Mobil (NYSE:XOM) said Wednesday it has entered into exclusive negotiations with the French unit of Canadian energy group North Atlantic to sell its 82.9% stake in French subsidiary Esso.
The sale includes the Gravenchon refinery in Normandy, currently owned by Esso and Exxon Mobil Chemical France, and related assets; North Atlantic said it intends to develop Gravenchon into a green energy hub, while Exxon (NYSE:XOM) will continue to supply the crude oil that will be processed by North Atlantic using Exxon technology.
The Port-Jerome-Gravenchon facility is the second-largest refinery in France and one of the largest integrated chemical complexes in Western Europe.
Esso said the sale is expected to take place in this year’s final quarter at a price of €149.19/share before distributions, or €32.83/share after distributions.