ExxonMobil Boosts Value and Competitiveness with Sale of Esso Thailand Stake to Bangchak Corporation

  • 12-Jan-2023
  • Journalist: Jaideep

Texas (USA): ExxonMobil is proud to announce that its affiliate, ExxonMobil Asia Holdings Pte. Ltd, has agreed to sell its interest in Esso Thailand - which includes the Sriracha Refinery, select distribution terminals, and a network of Esso-branded retail stations - to Bangchak Corporation. This move shows commitment to strengthen value and overall competitiveness for their stakeholders. Through this transaction, ExxonMobil will be able to pursue further growth opportunities in the region.

ExxonMobil has reached an agreement with Bangchak Corporation to sell its interest in the Sriracha Refinery and Esso-branded retail stations in Thailand. Even after the sale, ExxonMobil will still be able to provide finished lubricants and chemical products to the region. Furthermore, operations at the ExxonMobil Bangkok Global Business Center and exploration and production activities will remain unaffected.

“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. “We appreciate the talent and determination of our colleagues in Thailand who have safely provided reliable product supply to the Thailand and Greater Mekong markets for more than 125 years, and we thank them for their dedicated service.”

ExxonMobil has agreed to form a new company to continue supplying the Thailand market with branded finished lubricants and chemical products. ExxonMobil's upstream operations through its affiliate ExxonMobil Exploration and Production Khorat Inc., as well as ExxonMobil's Bangkok Global Business Center, which employs around 2,000 people, will remain unaffected. ExxonMobil remains committed to safety, reliability and adherence to all commitments made to customers and government agencies/regulators. The transaction is expected to close during the second half of 2023 provided that standard conditions are met, along with legal requirements including approval from the relevant regulatory authorities. 

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