Exxon Mobil (XOM.US) plans to sell $1 billion worth of European chemical factories to deal with the aftermath of Asian competition and the energy crisis.

Zhitong Finance APP learned that, according to informed sources citing reports, Exxon Mobil (XOM.US) is considering selling its European petrochemical plants located in the UK and Belgium. This move is due to the impact of US tariff policies on global trade, intensified competition from low-priced imports from Asia, and multiple pressures such as the lingering effects of the 2022 energy crisis on the European chemical industry.