Exxon Mobil plans sale of Hong Kong gas stations, sources say

Exxon Mobil, a US energy company, is considering a sale of ‌its gas stations in Hong Kong in a deal that is expected to fetch a few hundred million dollars, said three people with knowledge of the matter.

The company has hired a financial adviser ⁠and held discussions with a handful of bidders, said the people, declining to be named as the information was confidential.

Bloomberg reported on Wednesday about the sale, saying Exxon may seek a valuation of $500 million to $600 million for the assets, citing people ‌familiar ⁠with the matter.

The oil and gas producer provides several products and services to customers in Hong Kong through an extensive network of service stations operating under the ⁠Esso brand.

Exxon’s first service station in Hong Kong opened in 1926 in Kowloon. The firm now sells fuel through ⁠a network of about 41 Esso-branded service stations to motorists in Hong Kong.