TOKYO: Exxon Mobil is in talks to sell most of its 50% stake in TonenGeneral Sekiyu KK back to its Japanese refining partner and unload other assets in Japan in a deal that could total US$5bil, sources with knowledge of the matter said.
The deal will mark a retreat from the world's third-largest economy by the US oil giant, which is focusing its resources globally on exploration and production and shifting away from so-called downstream assets, such as its sales network in Japan.
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