Preliminary agreement signed with Italiana Petroli for the sale of fuel sector activities

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Esso Italiana has signed an agreement with Italiana Petroli (IP) – Gruppo api for the sale of its fuels business, which includes interest in the SARPOM S.r.l. Trecate refinery joint venture, select midstream assets and fuels marketing business. This transaction does not affect upstream, lubricants and chemicals activities in Italy.

The transaction is expected to close mid-2023, subject to standard conditions and applicable legal requirements, including consultation with unions and Works Council, and approval from the regulatory authorities.

The sale includes a long-term branding agreement to ensure that Esso fuels continue to be supplied to branded retail sites in Italy. Esso-branded service stations will continue to offer marketing, loyalty and card programs through IP.

Esso Italiana will continue to provide guidance regarding the refinery and related assets until change-in-control.

We will work with IP to carefully manage the transition with dedicated teams assigned to maintain customer, vendor, personnel, community relations and environmental protection, subject to applicable law.