ExxonMobil has entered exclusive negotiations with Canadian fuel retailer North Atlantic for the sale of its 82.89% stake in its French subsidiary Esso, including the 240,000 barrels per day Gravenchon refinery in Normandy.
The deal also includes a 100% stake in ExxonMobil Chemical France. The company announced on May 28 that the transaction is expected to close in Q4 2025, pending regulatory approval. North Atlantic will then launch a mandatory tender offer for the remaining shares of Esso SAF.
Esso operates roughly 20% of France’s active refining capacity. In addition to Gravenchon, it runs a lubricants plant and markets fuel and lubricants through about 750 branded reseller sites across the country.
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North Atlantic said Gravenchon could become a “green energy hub” with low-carbon fuels and renewables projects. It noted the site’s potential to serve energy-intensive industries such as data centers. The company added that its retail presence in Eastern Canada and Saint Pierre and Miquelon could provide offtake certainty for the refinery.
This move is part of ExxonMobil’s broader exit from French downstream operations. In 2024, it shut down Gravenchon’s chemicals operations and sold the Fos-sur-Mer refinery to a Trafigura-backed venture. Once completed, the Esso sale will leave ExxonMobil with only four European refinery stakes: in Antwerp, Rotterdam, Fawley, and Germany’s MiRO.
Gravenchon, France’s second-largest refinery, had seen major investment from ExxonMobil in recent years. The site has a direct pipeline to Paris airports and access to export terminals in Le Havre. However, the recent closure of its steam cracker pointed to ExxonMobil’s declining interest in the location.
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“ExxonMobil has been operating in France for over 120 years, and we plan to maintain a significant commercial presence with the Esso brand,” said Tanya Bryja, senior vice president of ExxonMobil Product Solutions.
North Atlantic Chief Executive Officer Ted Lomond said, “We are eager to consolidate Gravenchon’s role as a vital center of French energy and industry for decades to come and grow North Atlantic into a premier transatlantic energy company.”
