Petrol retailer ExxonMobil will abandon the Australian retail operations of its business and offer its 800 refuelling stations for sale in a $500 million deal.
Potential buyers include Caltex-Woolworths, which has a market share of 32%, Shell-Coles with a 24% market share, and Mobil Oil, which commands just 6% of the market.
ExxonMobil has reportedly been in discussions with several companies over the last few weeks, a number of which have applied for regulatory approval from the Australian Competition and Consumer Commission for a potential deal.
The company’s petrol stations are scattered throughout the east coast of the country and 300 are located in major metropolitan zones.
But it is believed that the company will hold on to its refinery plants, including its Victorian Altona plant that supplies nearly half of the state’s fuel.
The company recorded just $276 million in net profit after tax for the 2008 calendar year, a drop of $664 million or about 70% – but figures for the retail division alone are unavailable.
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Patrick Stafford is a freelance journalist and a former deputy editor of SmartCompany.
