Exxon Mobil To Unload Japan Refining

Exxon Mobil has agreed to sell its Japanese refining unit to its Tokyo partner,Tonengeneral,for 3.9 billion dollars.The move is part of a trend by integrated oil companies to sell or spin off refinery operations in order to concentrate on more profitable exploration and production.
U.S. oil companies are bracing for a United Steel Workers union strike at their refineries.The strike could begin on Wednesday in the absence of progress in the contract talks.If the strike went three months,U.S. refinery output could be cut up to 11%.
A major concern of the union is worker safety.Eighteen workers have died in refinery accidents since the last agreement in 2009.
Asian shares opened lower on Monday on concern over an EU summit in Brussels on the Euro debt crisis,as well as the failure of U.S. growth to meet estimates.The MSCI Asia Pacific Index was down 0.37.
The New Zealand service sector saw slower growth in December.
India's Nifty Fifty futures index was down on concern that the recent rally in equities was excessive.
Exxon Mobil(XOM)
Update:Agreement between the United Steel Workers union and oil refiners including Exxon Mobil,Chevron and Valero,was reached late Tuesday,averting a strike.The ratification or rejection of the deal by a vote of union members could take weeks.