ExxonMobil sold its remaining stake in TonenGeneral Sekiyu KK, completing a multi-year exit from its partnership in Japans second-largest oil refiner.
ExxonMobils presence in Japans lubricant and fuels markets is now limited to products that TonenGeneral sells under the U.S. companys brands through a marketing agreement.
A spokesman for ExxonMobil confirmed that the energy giant sold its 6 percent stake in in the joint venture to TonenGeneral. ExxonMobil did not give a reason for the sale, but the company has been reducing its share for several years.
ExxonMobil held 50.2 percent of the company when Exxon and Mobil merged in 2000 and consolidated their businesses in Japan. In 2012, the U.S. company sold a 28 percent stake to TonenGeneral.
TonenGeneral subsidiary EMG Marketing Godo Kaisha manufactures and markets Mobil-branded lubricants and also retails fuels sold through Mobil-, Esso- and General-branded stations. ExxonMobil said TonenGeneral will continue carrying those products.
We continue to value our strategic relationship with TonenGeneral through other business agreements, including the supply of fuels and lubricants and technical support under a long-term license agreement, the spokesman for ExxonMobil told Lube Report Asia.
ExxonMobil still owns a stake in Japan Butyl Co., and retains a presence in Japanese petroleum product markets such as butyl, specialty elastomers, polyolefin, synthetics and catalysts.