ExxonMobil reviews Japanese operations

U.S.-based ExxonMobil Corp. said it is in talks with its majority-controlled Japanese unit, TonenGeneral Sekiyu KK, regarding the possibility of restructuring its stake in Japan’s second largest oil refiner. The company said it has “no plans to exit the Japanese market,” however. In a written statement, the company admitted that it was in discussions with TonenGeneral “about the potential restructuring of its holdings in Japan but no decisions have been made.” ExxonMobil owns a 50.2% stake in TonenGeneral. Reuters reported earlier that ExxonMobil was looking to sell most of its stake in the Japanese refiner and sell other assets in Japan, in a deal valued at roughly US$5 billion. The report spooked investors in the Japanese company, in which ExxonMobil has been an investor since 2000. The Irving, Texas-based energy company said in its statement that reports suggesting it would retreat from Japan are “not based on statements by ExxonMobil. We have made no announcements and, as a matter of practice, we do not comment on market rumors or speculation.” (January 5, 2012)