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ExxonMobil has completed the sale of its Fos-sur-Mer refinery and two oil terminals in Toulouse and Villette-de-Vienne to Rhone Energies, a consortium formed by Trafigura and Entara LLC. The sale, announced today, marks a pivotal shift as ExxonMobil refines its asset portfolio and Trafigura strengthens its European energy foothold. Key Transaction Details: The Fos-sur-Mer refinery, with a 0.14 million barrels-per-day processing capacity, is one of France’s major refining assets. This acquisition further complements Trafigura’s portfolio after its recent acquisition of UK-based fuels and biofuel supplier Greenergy. This deal highlights Trafigura’s continued investment in energy infrastructure across Europe, capitalizing on market opportunities shaped by recent energy price spikes and supply chain shifts following the Russia-Ukraine conflict. Trading houses, including Trafigura and rivals like Vitol, are leveraging elevated energy prices and market volatility to build diversified energy portfolios in Europe and beyond. By adding significant refining capacity, Trafigura and Rhone Energies reinforce their competitive positioning in the oil and fuels market at a time when refining margins are in focus. Major players in oil and energy are rebalancing portfolios to navigate evolving market dynamics, optimizing asset allocations, and strengthening resilience in the face of geopolitical shifts.

ExxonMobil's French affiliate, Esso SAF, intends to sell its Fos-Sur-Mer refinery near Marseille, France, along with fuel terminals in Toulouse and Villette by year-end. The buyer, Rhone Energies, a consortium between Trafigura and Entara, will take over, with about 310 Esso employees expected to transfer. This move aligns with Esso's strategy to ensure competitiveness while maintaining supply continuity in southern France. The refinery's new operator, Entara, plans to focus on sustainability, while Trafigura secures a 10-year crude oil supply agreement, ensuring competitive costs and reliable product off-take. Meanwhile, Rhone Energies plans to invest in reducing the site's carbon footprint and expanding renewable fuel production. Additionally, ExxonMobil Chemical France separately announced the planned closure of its chemical production at Gravenchon in Normandy in 2024, pending government approvals.

In other news… Here’s a quick rundown of the latest other news shaping the #Energy industry #OilAndGas: - #Transocean and #Seadrill in #Merger Talks. Transocean and Seadrill are discussing a merger to capitalize on a rebound in offshore O&G investment - #Shell’s Nigerian Sale Blocked. Shell’s $1.2billion sale of its onshore oil assets in #Nigeria was rejected, with regulators questioning buyer’s ability to manage assets - #India Expands LNG Capacity. #HindustanPetroleum is set to receive its 1st-ever cargo for its new LNG import terminal in #Chhara increasing import capacity for future demand - #Argentina Builds Pipeline to #Chile. Argentina's oil production growth from the #VacaMuerta play continues, with #YPF completing a 160,000b/d pipeline to Chile’s #BioBioRefinery - #Chevron Discovers Oil in Nigeria. While other majors exit Nigeria, Chevron announces a new oil discovery in the #PML49 block, reigniting exploration activity in the #NigerDelta - #Algeria Opens Upstream Licensing Round. For 1st time in over a decade, Algeria is offering 6 onshore permits, with interest from ExxonMobil & Chevron #Chemicals: - #Phillips66 to Close #LARefinery. Facing tough regulatory environment in #California, Phillips66 announced the closure of its 140,000b/d LA #refinery by late 2025 #NaturalResources: - #Gold Hits Record High. Gold prices soared to $2,696 per oz, up 30% in 2024, driven by US elections + shift in Fed Reserve interest rate policy concerns - #Freeport’s Indonesian #Copper Plans Delayed. A fire at #FreeportMcMoRan’s #Manyar smelter in #Indonesia has delayed copper production, pushing back sales until mid-2025, tightening global supplies #EnergyTransition: - #BP Weighs #OffshoreWind Stake Sale. BP is exploring selling a minority stake in its offshore wind business to reduce financing pressures while shifting focus back to high-margin oil projects - #Hybrids Overtake #Petrol in #Europe. Hybrid vehicles made history last month, surpassing petrol-powered cars in #EU sales, accounting for 32.8% of all new vehicles sold. - ExxonMobil’s #Hydrogen Future Uncertain. ExxonMobil CEO stated that plans for its #Baytown hydrogen and #ammonia plant will depend on fed #hydrogenTaxCredits, warning projects will be scrapped without incentives - #Germany’s $20.5 Billion Hydrogen Pipeline Dream. Germany approved a massive $20.5 billion plan to develop a #HydrogenNetwork by 2032, converting natural gas pipelines and constructing new ones to aid in the country's #decarbonisation efforts - #Petronas Eyes Renewable Energy Stake Sale. #Malaysia’s Petronas is looking for buyers for a minority stake in its #renewableenergy subsidiary, #Gentari Sdn, to fuel its growth in the market Any "#OtherNews" you'd like to share? Stay informed. If you like this content, please Like it👍, repost it ♻️, Comment, and follow Mohammad N. H. Gilani, PhD for more similar posts #EnergyNews #ResourceMarket #GreenEnergy #ClimateAction #economicinsights #globaltrends #EnergyUpdates

Just how massive of an undertaking has our Singapore refinery expansion project been? Well, some of the project’s more than 70 construction modules weigh in at roughly 4,000 tons each, which is the equivalent to the weight of 27 blue whales. 🐋 While the project’s size and scale are remarkable, what truly sets it apart is its state-of-the-art proprietary technology specifically designed to convert resid into higher-value fuels and #basestocks. This includes our EHC 340 MAX™ extra heavy neutral base stock, which will help meet the increasing demand for high-viscosity #lubricants. This isn’t just about size and scale. Our investment is designed to provide customers in the lubricants industry with the enhanced quality and reliability that they need to meet their goals. Learn more at https://lnkd.in/ebBZ5U5T. And look out for future updates! ExxonMobil #ExxonMobil #ExxonMobilBasestocks #EHC340MAX #Singapore

* ADNOC/Aramco weighing bids for Shell’s downstream assets in S. Africa * • Multiple global energy companies, including #ADNOC and #SaudiAramco, are reportedly evaluating bids for Shell‘s downstream assets in South Africa • The potential sale, which sources suggest could exceed $800m, has also piqued the interest of South Africa’s Sasol, commodity trader #Trafigura Group’s #PumaEnergy, and #Glencore • Talks are at an early stage and more entities could join the bid, the sources told the publication • Shell has confirmed being approached by “several highly credible parties” for its South African downstream operations, although no specific bidders have been named • A spokesperson for ADNOC’s retail arm has stated the company’s ongoing pursuit of growth opportunities but declined to comment on this particular matter #downstream #hydrocarbons #oil #gas #oilgas #energytransition

ExxonMobil’s Esso division has completed the sale of the Fos-sur-Mer refinery, one of France’s major refineries, and two other oil terminals to Rhone Energies, a consortium formed by Trafigura with Entara. The deal was announced on Friday, November 1, 2024. The Fos-sur-Mer refinery has a crude oil processing capacity of 140,000 barrels per day. The transaction includes the Toulouse and Villette-de-Vienne terminals, operated by Exxon’s local unit Esso. This sale marks a significant reduction in Exxon’s refining capacity in Europe, with its total refining capacity in the region decreasing to approximately 1.1 million barrels per day. However, Exxon remains the second-largest refining capacity holder in northwestern Europe, after TotalEnergies. The sale is part of Exxon’s efforts to divest non-core assets and focus on its core business. The company is also close to selling its 25% stake in a German refinery, Mineraloelraffinerie Oberrhein GmbH & Co. KG (MiRO). #crudeoil #refining #refinery

In other news... (and yes it's my weekly update again!) Stay Ahead with the latest highlights over the past week from the #Energy, #Chemicals, and #NaturalResources sectors: #OilandGas: - #Shell’s Relisting Concerns: Shell CEO downplays #NYSE relisting, despite shares trading below market value. - #Sinopec Eyes Canadian #LNG: Sinopec in talks with #Pembina Pipeline for #CedarLNG project stake (guaranteeing a 1.5mtpa offtake agreement from the facility (half its production capacity)). #China #Canada - #ADNOC Ups Crude Production: ADNOC boosts crude output capacity to 4.85 million b/d, nearing 2027 target of 5million. #UAE - #ExxonMobil-#Pioneer Deal Progresses: FTC approves ExxonMobil-Pioneer deal, with conditions on former CEO involvement. - #Exxon Plans #Mozambique LNG Decision: ExxonMobil eyes final investment decision for #RovumaLNG project by year-end. #FID - #Chevron’s #Cyprus Gas Plans Rejected: Chevron’s Cyprus gas field development delayed (for at least 6 months) as the government rejects #Aphroditefield plan. - Chevron Expands #GulfofMexico Output: Chevron’s #Anchor floating production unit set to enhance US Gulf of Mexico crude production. #GoM #GreenCanyon - #India’s #Venezuela Oil Interest: #Reliance Industries seeks US Treasury authorization to import crude from Venezuela after 2year waiver given to #MaurelandProm - European Majors in #Namibia: #BP and #ENI joint venture farms into Namibia’s #OrangeBasin next to the #Mopane significant oil find. #Block2914A #Africa Chemicals: - Shell’s Asset Sales: Shell to sell #Singapore #refinery and #petrochemical assets to #CAPGC (JV of #ChandraAsri-#Glencore), negotiate gas station business sale in #Malaysia to #SaudiAramco - India’s Refining Delays: #ChennaiPetroleum delays #NagapattinamRefinery launch amidst Modi government’s refining capacity targets. - #Braskem Talks Terminated: ADNOC ends talks to buy Braskem stake, causing Braskem shares to plummet. #Brazil - Shell to Divest in #SouthAfrica: Shell prepares to divest from #downstream operations in South Africa, incl. #SaprefRefinery. #SDSA Natural Resources: - Value of #AngloAmerican #Copper Assets: #CreditSights report suggests Anglo American’s copper assets alone are worth $35 billion, prompting a reevaluation of #BHP's takeover offer - Copper Supply Outlook Downgraded: International Copper Study Group lowers 2024 copper supply forecast, citing #CobrePanama mine shutdown. #FirstQuantum #EnergyTransition: - #EPA Regulations Impact #PowerGrid: #PeabodyEnergy warns EPA's #GHG #emission target could threaten US power grid #reliability. - #Ecopetrol Eyes #OffshoreWind: #Colombia’s Ecopetrol prepares for #offshore #wind auction, seeking bid partner. Any "#OtherNews" you'd like to share? Stay informed. If you like this content, please Like it👍, repost it ♻️, Comment, and follow Mohammad N. H. Gilani, PhD for more similar posts. #EnergyNews, #ResourceMarket, #GreenEnergy, #ClimateAction, #economicinsights, #globaltrends, #EnergyUpdates

The unsung heroes of industry, lubricants keep our machines humming and our wheels turning. But is the market for these essential fluids slowing down? Not a chance! The market is expected to expand from 44.05 billion liters in 2024 to a substantial 52.36 billion liters by 2029, reflecting a steady CAGR of 3.52%. Uncover the latest market insights and trends in the lubricant industry: https://lnkd.in/d8Q6z-X6 Major Players: ExxonMobil | Chevron | Shell | bp | TotalEnergies #Lubricants #oilandgas #marketresearch #mordorintelligence #chemicalsandmaterials #fueladditives

ExxonMobil Guyana announced on November 13, a milestone of 500 million barrels of accumulated crude oil production. The output was derived from three Stabroek Block projects—Liza 1, Liza 2, and Payara—in less than five years. Exxon said the three projects are averaging 650,000 barrels per day (b/d).  “Our unrivaled success in developing Guyana’s oil resources at an industry-leading pace, cost and environmental performance is built on close collaboration with the government of Guyana, as well as our co-venturers, suppliers and contractors… We remain committed to Guyana for the long-term and look forward to continue delivering for the country,” the company’s President Alistair Routledge said. Committed investments to develop multiple oil projects offshore Guyana amount to almost US$55 billion. The commitments are set to result in installed production capacity of 1.3 million b/d by the end of 2027. There is also significant upside potential due to Exxon’s strategy of production optimization through debottlenecking. This mechanism has so far resulted in added capacity of 100,000 b/d beyond nameplate levels. https://lnkd.in/eWkdqXtu

ExxonMobil which has been operating in Singapore for more than 130 years, has a network of 59 filling stations under the Esso brand. The oil major’s operations in the city-state also include a refinery, chemical and lubricant plants, a fuels terminal and a liquefied petroleum gas bottling plant. ExxonMobil Singapore A sale could mirror similar attempts by other majors such as Chevron Corp., which is is considering a sale of all of its Caltex-branded service stations in Hong Kong amid interest from prospective investors, Bloomberg News has reported.