According to sources, ExxonMobil operates a gas station in Italy through its subsidiary, Esso, which is currently planning to withdraw from the countryâ€™s surplus gasoline retail market. If it does, ExxonMobil will become the latest oil giant to quit Italy's fuel business after Shell and Total.
Exxon Mobil or sells half gas station in Italy
Shell announced last year that it will accelerate the reduction of its scale in the European energy retail market and withdraw funds from the downstream and retail businesses in Italy, Norway and Germany, saying that this is part of the cost reduction strategy resulting from the drop in oil prices.
Total and the Italian energy group Erg are also discussing the possibility of selling joint ventures. The two companies set up the Totalrg joint venture in 2010 and created Italyâ€™s third largest gas station network, accounting for about 13% of the Italian oil retail market. Share.
It is reported that Apollo, a private equity firm, considers buying a total of 2,600 gas stations in Esso and Totalrg, aiming to rationalize its investment portfolio and obtain better profits. Other private equity companies, including Carlyle, are also very interested in ExxonMobil's Esso brand gas stations.
At present, Italy has about 21,000 gas stations, which is almost twice that of France and three times that of Britain. In the past two years, the Italian government has been seeking to reduce the number of gas stations to meet local fuel needs and increase market efficiency.
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