ExxonMobil to Sell French SAF Subsidiary Includes Normandy Refinery
ExxonMobil recently announced plans to sell shares of its French subsidiary Esso SAF to Canada's North Atlantic Refining Ltd. The deal also includes the Normandy Gravenchon Refinery and related assets, currently co-owned by Esso SAF and ExxonMobil France Chemicals. The final price will be determined before the deal closes, which is expected in Q4 of this year.
Ted Lomond, President and CEO of North Atlantic Refining, emphasized their commitment to reinforcing the Gravenchon Refinery as a key energy and industrial hub in France while expanding the company’s presence as a leading transatlantic energy player.
Last year, ExxonMobil sold its Fos-sur-Mer Refinery in France and shut down the Gravenchon cracking unit and downstream production assets. Despite this asset sale, ExxonMobil reaffirmed that France remains a strategic market for the company.
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