ExxonMobil is looking to sell its European chemical plants in the UK and Belgium amid U.S. tariffs and competition from China, aiming to fetch up to $1 billion, according to the Financial Times. The European chemicals industry faces challenges from global trade disruptions and cheaper Asian imports, impacting recovery from the 2022 energy crisis.

Exxon has discussed shutting down or selling its ethylene plant in Scotland and production sites in Belgium. No deal is guaranteed, and the company could choose to keep the assets. Other industry players like LyondellBasell and Sabic are also scaling back their European presence.

In May, Exxon began exclusive negotiations to divest its majority-owned French subsidiary Esso to the French unit of Canadian energy group North Atlantic. The future of Exxon’s European chemical plants remains uncertain, as the company navigates changing market dynamics and trade challenges.

Read more at Yahoo Finance: ExxonMobil considers sale of European chemical plants, FT reports