ExxonMobil exits Japanese joint venture

ERJ staff report (DS)

Tokyo - Exxon Mobil is to sell all the shares in its oil marketing joint venture in Japan to its partner there. The deal, worth some yen 302 million (euro 3 million) is expected to close in June 2012.

In a statement, the companies said, “TonenGeneral Sekiyu K.K. (“TG”) announces today that it intends to acquire 99 percent of the issued share capital of ExxonMobil Yugen Kaisha (“EMYK,”) headquartered in Minato-ku, Tokyo. EMYK is currently an indirect wholly-owned subsidiary and a Japanese arm of Exxon Mobil Corporation (headquartered in Texas, USA) and is engaged primarily in fuels, lubricants and chemical products marketing activities.”

The statement added, “The Company Group will have exclusive rights to use ExxonMobil's brands in Japan and continue to deliver products and services under the 'Esso', 'Mobil', 'Mobil 1' and 'General' brands to customers, distributors and dealers.”

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Press release listing from  TonenGeneral Sekiyu (Includes three detailed documents relating to the deal)