Exxon Mobil Corporation will sell its Japanese refining business to partner TonenGeneral Sekiyu K.K. in a deal worth $3.9 billion (£2.48bn).
The company said the deal, announced over the weekend, would result in a business “better positioned to meet Japan’s energy needs.”
Under the terms of the agreement, TonenGeneral Sekiyu will purchase ExxonMobil’s shares in ExxonMobil Yugen Kaisha.
Exxon, the largest publicly traded international oil and gas company, has done business in Japan for over a century.