ExxonMobil in Advanced Talks to Sell Stake in German Refinery

SEATTLE (Oil Monster): U.S. oil giant ExxonMobil Corporation announced that it is in advanced talks with other owners towards sale of its interest in the German Miro refinery- the country’s second-biggest refinery.

Nearly a year prior, ExxonMobil declared its intention to sell Austrian company Alcmene its 25% share. However, a court decision postponed the stake sale. Shell, Exxon Mobil, Phillips 66, and a regional branch of Rosneft PJSC are among the other stockholders.

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A court decision that Shell got said that ExxonMobil ought to have asked all of the shareholders for permission before proceeding. As a result, the American oil major is currently collaborating with Shell to create a benefits package. Both firms' officials expressed optimism that they would quickly come to an agreement, which would ultimately result in the closure of the planned share sale.

The German government owns and operates the Miro refinery, which can handle about 15 million tons of crude oil per year. In response to the development, the German Ministry of Economy made it clear that the government will take the necessary steps to guarantee that all national laws are followed.

Also, ExxonMobil is reportedly in talks with a consortium in connection with the sale of a French refinery.