ExxonMobil to Exit Australia

For the second time in recent months, it has been reported that Exxon Mobil plans to sell Mobil, its Australian oil refinery and marketing business.

There had been talk earlier in the year, linking Shell to a deal but this nver materialised. This time, according to local sources, the process is being handled by Exxon Mobil's headquarters in USA  but there was no definitive information on specific buyers. PetrolWorld understands that there are a number of intersted parties inlcuding Wesfarmers 

In Australia, the Mobil brand is used and Mobil's main interests are 800 service station sites and the Altona oil refinery and two oil terminals, one of which is in Yarraville. It also owns the Port Stanvac oil refinery in Adelaide that fell into disuse in 2003 because it was too small to compete with the super-sized refineries in Singapore.

Exxon Mobil's Australian operations posted earnings before interest and tax  from Bass Strait oil and gas production for 2007 of $948 million. The Mobil petroleum downstream business  posted EBIT for 2007 of $320 million, up from $313 million in 2006. The combined business achieved consolidated EBIT of $1.23 billion.

PetrolWorld 230508