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Exxon Mobil (NYSE:XOM) is in exclusive talks to sell its 59 gasoline stations in Singapore to Aster Chemicals and Energy, a joint venture between Glencore (OTCPK:GLCNF) (OTCPK:GLNCY) and Indonesia’s Chandra Asri Group in a deal that could be worth ~$1B, Bloomberg reported Thursday.
Aster reportedly has emerged as the likeliest buyer after outbidding other global rivals, and is now hammering out details of the deal such as price and transaction structure.
A sale would allow Exxon (NYSE:XOM) to deploy more capital in areas of higher growth potential, according to the report.
Exxon (XOM) has been operating in Singapore for more than 130 years, distributing fuel under the Esso brand, and its operations in the city-state also include a refinery, chemical and lubricant plants, a fuel terminal and a liquefied petroleum gas bottling plant.
Aster has been active in dealmaking, with acquisitions including the purchase of Shell’s Singapore refining and chemicals assets as well as Chevron Phillips Singapore Chemicals, which owns and operates a polyethylene manufacturing facility on Singapore’s Jurong Island.