ExxonMobil is seeking to offload European chemical plants as the sector reels from US tariffs and increased competition from China, according to people familiar with the matter.
The move comes as other chemicals companies also try to engineer exits from their European operations, as the continent has borne the brunt of the downturn. Earlier this year, LyondellBasell sold four European plants, while Saudi Arabia’s Sabic is considering a similar change.
The US supermajor, which ranks as one of the biggest petrochemical producers globally, has held early-stage discussions with advisers in recent weeks on possible sales, which could fetch up to $1bn, two people said.
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