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Chemical Week Magazine :: Business & Finance :: Asia/Pacific

ExxonMobil to Cut Stake in Japan Downstream Operations

7:14 AM MST | February 10, 2012 | Deepti Ramesh and Ian Young

ExxonMobil says it will cut its stake in the company’s TonenGeneral Sekiyu (Tokyo) refining affiliate from 50.5%, to 22% as part of a restructuring of ExxonMobil’s downstream operations in Japan. TonenGeneral Sekiyu will acquire a 99% stake in ExxonMobil’s downstream operations in Japan for ¥302 billion ($3.9 billion) as part of the deal. ExxonMobil will remain the largest shareholder in TonenGeneral Sekiyu after cutting its stake to 22%. The other 78% of TonenGeneral Sekiyu will be listed on the stock exchange. TonenGeneral Sekiyu and other...

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