Any news from Malaysia? Nigeria? Equatorial Guinea? Iraq?
Are we continuing our assets high-grading?
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I hear that Darren's soul is for sale and the devil just bought all the shares.
Sounds like a Fire sale!! Everything goes but the BTC!!
• Nigeria : EM has been trying to sell their 40% in the shallow water JV (h.Mobil), including the QIT terminal, for at least 3 years. No success so far. They had struck a deal with Seplat (a Nigerian independent) but the government opposed it. Looks more and more like a ‘stranded asdet’.
• Equatorial Guinea : almost the same story. Another h.Mobil asset. Several deals were rejected by the government. Last I heard, EM will let the concession expire and not apply for renewal. It will become government property (via Nationale company GEP) who will have to attract a new operator or operate themselves. Good luck to the EG colleagues if the second option is chosen.
• Malaysia : deal done for the Sriracha refinery and the fuel business associated. Sold to a Malaysian company. Must be in the transition phase.
• Italy : deal done for the 75% stake in the Trecate refinery (near Milan) and the associated fuel business. Sold to Italian independent API. Transition phase ended yesterday and the CIC took place today (1st Oct).
• France : Escorez 5000 unit at their Normandy facility is being shut down.
These are facts.
Besides, you have rumours. The latest is about some lubes blending plant being under threat. The Finnish one at Naantali, mainly serving the Russian market is going through their second layoff in 2 years.
@3sxz+1oOCrDmD If I recall correctly we had something like 33 -35 refineries just 20 years ago and even many more that were purged during the Exxon and Mobil merger which was really an Exxon takeover.
This is nothing more than selling assets from our core business and reinvesting it into the hope of a business (Low Carbon Solutions) that has no proven path to profitability let alone sustainable without government (your) money.
The stock is reaching the point that I’m going to cash out of my remaining shares and invest in something with better prospects.
xxon will operate just 13 refineries worldwide by the end of 2023 after selling five in the past four years to focus on the biggest and lowest-cost operations.
https://fortune.com/2023/09/23/exxon-mobil-electric-vehicles-flexible-refineries-gasoline-to-chemicals/
We will only operate in locations where BTC employees are willing to live.
The S&D manager is an id*t
Let me know how that plan of staffing with locals to save money goes. Places like Nigeria don’t have the best track record of avoiding corruption. With no expats to keep an eye on things I can guess what will happen.
I think Malaysia must be soon. I tried to get an employee to transfer from there for a skill set we are short on and need and was told by S&D that it wasn’t possible.
Add Kearl to this list, it’s another asset that is in need of divestment..
Yes we are and the plan is to staff key position with locals to control exp assignment and cost