The deal will mark a retreat from the world’s third-largest economy by the U.S. 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.Exxon currently owns 50. 2 percent of TonenGeneral, a stake worth 238 billion yen ($3. billion) at the latest closing price on December 30. TonenGeneral is one of Japan’s top refiners, importing and distributing oil from the Exxon group.Exxon is in talks to sell most of that stake and its sales network and other assets to TonenGeneral for a total of about 400 billion yen ($5. billion), according to the sources, who spoke on condition of anonymity.While holding on to a reduced stake, Exxon plans to keep supplying oil to TonenGeneral, the sources said.TonenGeneral plans to borrow money from several banks to finance the purchase of its shares from Exxon, the sources said.The companies could make an official announcement of the deal as early as this month, with the aim of finalizing the deal this spring, the sources said. ($1 = 76. 500 Japanese yen)
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