Energy giant ExxonMobil is reportedly considering the sale of its chemical production assets in the United Kingdom and Belgium, as economic and geopolitical headwinds continue to batter Europe’s industrial landscape.
According to sources cited by the Financial Times, the company has initiated early-stage discussions with financial advisers in recent weeks about potentially offloading several of its European chemical operations. The sale, if it moves forward, could bring in as much as $1 billion.
Among the assets under review is an ethylene production plant in Fife, Scotland, as well as multiple sites in Belgium. However, sources suggest that Exxon has not ruled out shutting the facilities down entirely, should a sale prove unviable.
When approached, an ExxonMobil spokesperson declined to comment on what the company described as “rumours or speculation.”
This move comes as the European chemicals sector grapples with renewed pressure from U.S. trade tariffs, which have disrupted supply chains and slowed order fulfillment. At the same time, rising competition from lower-cost Asian imports, particularly from China, is squeezing margins and threatening a full recovery in a market still reeling from the 2022 energy crisis.
The potential sale follows another strategic shift by Exxon earlier this year, when it entered exclusive negotiations to divest its majority stake in Esso France to the French arm of Canadian energy firm North Atlantic.
ExxonMobil isn’t alone in rethinking its European footprint. Competitors like LyondellBasell and Saudi-owned Sabic have also scaled back operations across the continent. In fact, LyondellBasell sold several olefin and polyolefin assets earlier in 2025 as part of its restructuring efforts.
While Exxon’s discussions remain preliminary, and no final decision has been made, the possibility of a sale reflects the growing uncertainty facing Europe’s industrial players in an increasingly volatile global market.
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