ExxonMobil to Sell French Refinery to North Atlantic for Strategic Overhaul

ExxonMobil announced plans to sell its Gravenchon refinery, France’s second-largest refinery, to Canada’s North Atlantic Refining Corporation. The two companies have entered exclusive negotiations, with the deal expected to move forward in the first quarter of 2026. The transaction includes 82.89% of Esso France and 100% of ExxonMobil France Chemicals.

Per French law, the sale will be subject to local labor union reviews. This follows ExxonMobil’s divestment of other French assets in 2024, including its Fos-sur-Mer refinery near Marseille and fuel terminals in Toulouse and Vilette. The Gravenchon refinery has struggled with profitability, reporting losses exceeding €500 million since 2018, despite efforts to improve efficiency.

North Atlantic has stated its vision to transform Gravenchon into an energy and industrial hub for France over the coming decades, aiming to establish itself as a transatlantic energy leader.