Texas-headquartered Exxon Mobil has appointed Barclays to explore a sale plan for its Hong Kong retail gas stations business, according to six sources familiar with the situation.

The deal is anticipated to be launched by the end of 2025 or early next year, three of the sources said.

The target records an annual EBITDA of around USD 80m, said the first source.

Exxon Mobil’s two storage tank terminals on Hong Kong’s Tsing Yi Island are also included in the sale package, the first source said.

According to the second source, the sellside has begun soft-sounding potential buyers with a few parties having already indicated early-stage interest.

The Hong Kong gas stations business is considered a non-core asset which Exxon Mobil wants to offload, said the third source. The business faces limited growth prospects amid the rapid growth of electric vehicles, said the second and third sources.

A spokesperson for Exxon Mobil declined to comment on market rumours or speculation.

Exxon Mobil, which operates 39 Esso service stations in Hong Kong, provides services and products including its Synergy Supreme+ premium petrol, Synergy Extra, Synergy Diesel, and Renewable Diesel R20, according to the spokesperson.

Exxon Mobil’s Tsing Yi East terminal has a tanker berth capacity of up to 135,000 arrival displacement tons, while the Tsing Yi West facility can berth tankers of up to 104,500 arrival displacement tons, according to its website.

Barclays declined to comment.

Exxon Mobil earlier this year had attempted to sell its gas stations in Singapore, also run by Barclays. The deal was shelved after the sole remaining bidder, Aster Chemicals and Energy, withdrew interest.