September, 04, 2025 - Sources cited by the Financial Times mentioned that ExxonMobil is seeking to sell its chemical plants in the UK and Belgium. The sector is suffering from overcapacity, weaker than expected demand, a stark competition from China as well as the consequences of the tariffs imposed by the U.S. and high energy costs.

ExxonMobil´s European assets in the chemical sector include an ethylene plant in Fife, Scotland and other production facilities in Belgium. The newspaper also said that a possible shut down of these sites is being considered as an option.

Citing two sources, The Financial Times said that the American company has conducted early-stage discussions with advisers during the last weeks. According to the newspaper, the possible divestment could amount to $1 billion.

ExxonMobil said to FT that it doesn´t "comment on rumours or speculation". On the other and, the sources of Financial Times warned that there is no guarantee any deal will take place and ExxonMobil could simply opt to stick to the operations.

Other chemical companies are also scaling back their European operations. LyondellBasell sold some European facilities earlier this year. SABIC is also said to be considering a similar move.