ExxonMobil Considers Chemical Plant Sales Amid Global Industry Shifts

ExxonMobil is reportedly considering the sale of its chemical plants in the UK and Belgium, with potential earnings up to $1 billion, amidst challenges posed by U.S. tariffs and intensified competition from China.

The U.S. energy giant is in early discussions with advisers regarding the sales, as per sources cited in the Financial Times. Exxon has chosen not to comment on these speculations.

The European chemical sector faces mounting pressure from disrupted trade by U.S. tariffs and cheaper Asian imports, jeopardizing recovery efforts after the 2022 energy crisis. Other industry leaders like LyondellBasell are also scaling back European operations, indicating a significant shift within the sector.

(With inputs from agencies.)