ExxonMobil is considering the sale of its European chemical plants, specifically targeting facilities in the UK and Belgium, the Financial Times reported, citing people familiar with the matter.
The company is in preliminary discussions on the potential sales, which could yield as much as $1 billion, the report added.
The sale is largely due to strained economics as the sector reels from unfavorable U.S. tariffs and increased competition from Chinese producers.
The key facilities under review include the Ethylene plant in Fife, Scotland and another major chemical site in Belgium. The oil and gas giant also discussed simply shutting them down, the people added.
The company expects the proposed sale to close in Q4.