Total will acquire the shares of ExxonMobils holding company for its lubricants and specialties business in Vietnam, including a lube oil blending plant. Terms of the transaction were not disclosed.
An ExxonMobil affiliate signed an agreement to sell the shares, according to a company announcement Thursday. The lubricants and specialties operation in Vietnam also includes some solvent and asphalt storage tanks, according to ExxonMobil spokeswoman Kristen Hellmer.
Hellmer emphasized the agreement signed is for sale of shares, not a closure. We expect the transition to take between two and three months, before the change in control, she told Lube Report. Until then, business and operations will continue as usual. On completion, all contractual, commercial and existing employment contracts remain valid. The business will continue under Totals ownership.
In its announcement, ExxonMobil noted that the transactions do not affect its other business interests in Vietnam.
We continue to be interested and invested in Vietnam, through our chemical and upstream business and operations, Hellmer said. In addition, ExxonMobil will continue to serve its existing Vietnam-based international marine and aviation lubricant customers.
In March 2009, Total Uganda acquired Chevrons stake in Chevron Uganda, including a lube blending plant in Kenya.