ExxonMobil in talks to sell Australian gas stations

ExxonMobil Corp. has sold its 800 fuel outlets in Australia to Caltex Australia Ltd. The A$300 million (US$224.74 million) sale, ExxonMobil said, is part of a strategy to focus on oil exploration and production. The company plans to exit from the fuel retail business and concentrate on its upstream activities, which it expects to be more profitable. Caltex has urged regulators to approve the deal though lawmakers raised competition concerns. Caltex beat out two firms that media reports deemed likely to buy the outlets—a joint venture (JV) between Chevron Corp. subsidiary Caltex Australia Ltd. and supermarket operator Woolworths Ltd., as well as a JV between Royal Dutch Shell P.L.C. and supermarket magnate Coles. (May 12/13/27, 2009)