The oil company Esso Thailand has been acquired by Bangchak, following the conclusion of the purchase of a majority stake by ExxonMobil. Starting tomorrow, Esso gas stations across the country will operate under the Bangchak brand.
Bangchak Corporation has completed the acquisition of Esso Thailand, after acquiring a 65.99% majority stake in Esso Thailand from ExxonMobil Asia Holdings. After the operation is completed, some 700 Esso gas stations across the country will start operating under the Bangchak brand.
Chaiwat Kovavisarach, Group CEO and Chairman of Bangchak, stated that the company had completed the acquisition of the common shares of the oil company Esso for 22.6 billion baht.
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This acquisition ends 129 years of Esso operations in Thailand, and all Esso filling stations will be renamed Bangchak within two years.
With this operation, Bangchak has increased its total oil refining capacity to 174,000 barrels per day and has expanded its network of gas stations to some 800 throughout the country.
Bangchak Corporation has completed the acquisition of Esso Thailand, after acquiring a 65.99% majority stake in Esso Thailand from ExxonMobil Asia Holdings
The company now plans to increase its refining capacity to 294,000 barrels per day, which will make it the largest oil refinery in Thailand, and expand its network of gas stations to 2,200 sites.
Bangchak will supply its world class petroleum products to the former Esso stations. The company affirms that all its products are ecological and have received quality certifications from the Department of Energy Companies.
Source: https://reporteasia.com/sin-categoria/2023/09/01/compania-petrolera-esso-abandona-mercado-tailandes-tras-129-anos/
