I understand this forum is largely US-CENTRIC,, but for those interested in what's taking place at EM in the ROW, there are rumours about ongoing discussions for the sale of our 75% share in the Trecate refinery (~30 miles West of Milan, Italy).
Like for Billings the possibility of a divestment has been floating around for several years, but apparently the discussions seem to have entered a critical phase.
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That’s what happens when your government enacts a windfall tax. Expect more of the same. See Darren Woods statements at CERA week
@6pup+1kc82x4n Something else in Europe.
Trecate is gone. Next up?
https://finance.yahoo.com/news/italys-ip-buy-exxons-refinery-093738014.html
Italy's IP to buy Exxon's refinery, fuel assets in Italy
Tue, December 20, 2022 at 3:37 AM CST
MILAN, Dec 20 (Reuters) - Italian fuel and mobility group IP said on Tuesday it signed a deal to buy several refinery and fuel assets owned by Exxon Mobil Corp's subsidiary ESSO Italiana.
Under the deal, IP will acquire the 75% of a refinery based in Trecate, near Turin, it does not already owns and several other assets in Genoa and Naples, the Italian group said in a statement.
IP did not disclose the financial details of the agreement. (Reporting by Francesca Landini, editing by Gianluca Semeraro)
Trecate sale confirmed today. Better option for them I'm sure than in EM as an undesired site.
Good call OP..
iP buys trecate
What are the 6 global keeper sites
Also on the list is Corpus and Joliet. Look at all the people being sent there - near retirement so they can retire with Exxon benefits, the rest are the garbage we are trying to get rid of - just like Billings. Send the garbage there, then sell it. It's a win-win for Exxon - take out the trash with no compensation and at the same time, make sure the new buyer won't be able to compete with us.
Yes, no more money making marinara sauce for EM
Italy probably would not let EM send in a bunch of BTC operators so EM sold.
Anything in downstream that can be sold, will be sold.
If you're not one of the 6 global keeper sites, then you're being shutdown ASAP if/when all routes to a possible sale are exhausted.
@xew is correct. It’s no secret. Altona, Dartmouth, Chalmette, Torrance …. were in this undesirable bunch. These are the minimum investment, resource support sites just like Billings as directed by the corp. Even worse, any support they do mange to get is from KLTC or BTC with 3rd class engineers that have no experience.. It’s bad for the sites. They just sit around the at Thanksgiving on a side table for the ba----d children and then sent to reform school instead of university. ExxonMobil treats sites just just a poorly as individuals. Don’t be shocked if Nanticoke gets sold or even Joliet for the right price.
It is no secret that Trecate, Fos and Sriracha would be sold once we find a buyer. The signal from corporation is clear that no improve work done for these sites
Probably. 1) There’s no chemical plant attached, so it doesn’t fit the company’s strategy, and 2) You’re in Europe, which is an incredibly hostile business environment.
Yes right, Augusta (in Sicily, not Georgia, USA) was sold in 2018. If the 75% that EM owns at Trecate are eventually sold, this means it wouldn't have any refining capacity left in the country (like Australia and Norway, all members of the HC10 “club”).
Yes right, Augusta (in Sicily, not Georgia, USA) was sold in 2018. If the 75% that EM owns at Trecate are eventually sold, this means it wouldn't have any refining capacity left in the country (like Australia and Norway, all members of the HC10 “club”).
Just like Augusta
https://www.reuters.com/article/us-sonatrach-exxon-mobil-idUSKBN1IA2R4
This is not surprising! It will go just like Billings