Russian oil majors eye ExxonMobil's German filling stations

U.S. oil major ExxonMobil intends to sell over 1,000 gas filling stations in Germany, and Russian companies are reportedly interested in this asset, RBC Daily reported today. ExxonMobil is said to value its gas station chain at over EUR 1bn and is currently negotiating with several companies, including two or three Russian or Eastern European players.

According to the newspaper, Russia's state-owned Rosneft could be interested in acquiring gas stations in Germany. In 2010, the company said it wanted to get involved in the European retail segment and bought a 50% stake in Germany's Ruhr Oel GmbH, which owns four refineries in the country, for $1.6bn. However, a source at Rosneft denied these allegations, arguing that the European refinery business generates low profit margins.

Other contenders for ExxonMobil's retail assets include Lukoil, which already operates refinery and retail units in Europe, and Swiss-based Gunvor, co-owned by businessman Gennady Timchenko, experts claimed.

Source: http://rbcnews.com/