Investing.com– Exxon Mobil Corp (NYSE:XOM) is considering selling off its gas station business in Singapore, Bloomberg reported on Tuesday, with the sale potentially raising about $1 billion.
The oil and gas giant is in talks with financial advisers over the potential sale, Bloomberg reported, with other energy firms and private investment funds having expressed interest in the deal.
Exxon operates a network of over 50 gas stations in Singapore under the Esso brand. The company has been operating in the Southeast Asian country for over 130 years, and also operates a refinery in the island state.
The trimming of its Singapore holdings could mark Exxon’s second major divestment in Southeast Asia in recent months. Reuters reported in July that the firm had agreed to sell its Malaysian oil and gas assets to state-owned energy firm Petronas.