Esso exits Thailand market after 129 years

[misskit]

Petroleum company Esso Thailand has been acquired by Bangchak, following the completion of a majority stake acquisition by ExxonMobil. Esso’s petrol stations across the country will be operating under Bangchak’s brand from tomorrow.


The acquisition of Esso Thailand by Bangchak Corporation is now complete, with the Thailand-based petroleum company acquiring a 65.99% majority stake in Esso Thailand from ExxonMobil Asia Holdings. Following the completion of this deal, some 700 Esso’s petrol stations across the country will start operating under Bangchak’s brand.


Mr. Chaiwat Kovavisarach, Group CEO and President of Bangchak, said the company had completed the 22.6 billion baht acquisition of Esso’s ordinary shares.


This acquisition marks the end of Esso’s 129-year operations in Thailand, with all Esso’s petrol stations being completely rebranded as Bangchak’s within 2 years.


This deal helped Bangchak increase its total petrol refinery capacity to 174,000 barrels per day and expanded its network of petrol stations to some 800 locations across the country.


The company now plans to increase its refinery capacity to 294,000 barrels per day, effectively making it the largest oil refinery company in Thailand, and expanding its network of petrol stations to 2,200 locations.


Bangchak will be supplying its world-class petroleum products to former Esso stations. The company says all its products are eco-friendly and have received quality certifications from the Department of Energy Business.

Esso exits Thailand market after 129 years

[david44]

World player dumping LOS says something about S O's view of economy

[BusterCherry]

Good news. Local is always better. Rather then some American equity firm owning gas stations in Thailand and some Thai pension fund owning a restaurant chain in the USA.