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View all search resultsUnder the agreement, Chandra Asri will continue to operate the stations under the Esso brand and source branded fuels from ExxonMobil, while retaining all current employees involved in running the business.
Indonesia’s relative lack of intellectual property (IP) protections has made investing in the country less appealing, foreign businesses have said, as they urge the government to improve IP regulation and enforcement.
ExxonMobil has established a great track-record in Indonesia, operating in the Nusantara archipelago for over 125 years. The company has been a partner in developing the nation's energy resources and it is now also actively pursuing energy transition initiatives in Indonesia.
The government, along with state-owned oil and gas corporation Pertamina, inked two agreements with United States oil and gas giant ExxonMobil pertaining to advancing the progress on carbon capture storage (CCS) projects and exploring a potential petrochemical complex in Indonesia.
The deal, valued at $253 a share, combines the largest US oil company with one of the most successful names to emerge from the shale revolution that turned the US into the world's largest oil producer in little more than a decade.
The company, which has been criticized over the last year for both its financial performance and its approach to renewable energy investment, "has no credible plan to protect value in an energy transition," hedge fund Engine No. 1 said in an 80-page investor presentation.
Exxon Mobil, which has been criticized over the last year for both its financial performance and its approach to renewable energy investment, suffered a 2020 loss of $22.4 billion, after posting a profit of $14.3 billion in 2019.
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