Bangchak to acquire Esso Thailand from Exxon
The deal includes assets such as the Sriracha Refinery, select distribution terminals and its fuel retail network of stations.
ExxonMobil has reached an agreement with Bangchak Corporation to sell its interest in Esso Thailand. The purchase includes the Sriracha Refinery, select distribution terminals and a network of Esso-branded retail stations.
Despite the sale, Exxon will continue to supply finished lubricants and chemical products in the country. Moreover, ExxonMobil Bangkok Global Business Center’s exploration and production activities are unaffected by the deal.
“As we execute our strategy, ExxonMobil is focusing its investments on global production facilities to meet the world’s demand for lower-emissions fuels and high-performance products, while divesting assets where others see the potential for greater value,” said Karen McKee, President of ExxonMobil Product Solutions.
The company is set to form a new company to continue its operations on the supply market with branded finished lubricants and chemical products. Transaction is expected to be executed by the firm’s affiliate, ExxonMobil Asia Holdings, which holds 65.99% interest in Esso Thailand, and to close during the second half of 2023.
ExxonMobil remains focused on safe and reliable operations and ensuring compliance with commitments made to customers and relevant government agencies and regulators.
