Exxon To Sell Tonen Stake

January 5th, 2012 by James

In a deal that could be worth as much as $5 billion, Exxon Mobil (XOM.N) is in talks to sell most of its 50 percent stake in TonenGeneral Sekiyu KK (5012.T) back to its Japanese refining partner and unload other assets in Japan.

Exxon To Sell Tonen Stake

The deal would mark a retreat from the third-largest economy of the world by the U.S. oil giant that is emphasizing on its resources globally on exploration and production and shifting away from so-called downstream assets such as those held in Japan.

“If this report is true, it could open the door for TonenGeneral to realign in alliance with another company. That may or may not include capital ties,” said Hidetoshi Shioda, senior analyst at SMBC Nikko Securities.

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