Exxon is considering separating its chemical plants in Europe

Closures were also reportedly discussed - Glen Burnie, APA/AFP

According to a media report, the US oil company ExxonMobil is considering selling its European chemical plants in Great Britain and Belgium due to import tariffs. The energy company has held initial talks with consultants about the sales, which could generate up to one billion dollars (858.15 million euros), the Financial Times reported on Thursday, citing insiders. Closing the plants has also been discussed.

The move comes amid US tariffs and competition from China, which are weighing on the European chemicals sector. Exxon declined to comment on the report. Other industry giants, such as LyondellBasell, are also reducing their presence in Europe. Exxon itself is already negotiating the sale of its French subsidiary Esso.

APA/Reuters