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Sunday, June 23, 2024

Bangchak Acquires Esso Thailand, Transforming the Nation’s Petroleum Landscape

In a landmark development in the Thai petroleum industry, Bangchak Corporation has successfully acquired Esso Thailand, following the culmination of a majority stake purchase by ExxonMobil. Effective tomorrow, Esso’s extensive network of petrol stations throughout the country will adopt the Bangchak brand identity.

This acquisition, masterminded by Bangchak Corporation, has now reached its fulfillment, with the Thai-based petroleum giant securing a commanding 65.99% majority stake in Esso Thailand from ExxonMobil Asia Holdings. With the ink now dry on this monumental deal, approximately 700 Esso petrol stations across Thailand are poised to undergo a comprehensive rebranding initiative, donning the unmistakable Bangchak insignia.

Addressing this transformative acquisition, Mr. Chaiwat Kovavisarach, the Group CEO and President of Bangchak, confirmed the successful completion of the 22.6 billion baht acquisition of Esso’s ordinary shares.

This significant development marks the culmination of Esso’s 129-year presence and operations in Thailand, with all of the company’s petrol stations scheduled to undergo a comprehensive transformation into Bangchak-branded outlets within a two-year timeframe.

This strategic acquisition not only amplifies Bangchak’s total petrol refinery capacity to an impressive 174,000 barrels per day but also significantly extends its network of petrol stations to an estimated 800 locations across the nation.

Looking ahead, Bangchak has ambitious plans to further boost its refinery capacity to a staggering 294,000 barrels per day, positioning itself as the preeminent oil refinery company in Thailand. Simultaneously, it aims to expand its network of petrol stations to a colossal 2,200 locations, cementing its dominance in the Thai petroleum market.

Bangchak’s commitment to delivering top-tier petroleum products remains steadfast, and former Esso stations will now be supplied with its eco-friendly, quality-certified offerings, endorsed by the Department of Energy Business. This acquisition represents a monumental shift in Thailand’s petroleum landscape, signaling a new era under the Bangchak banner.

phacharaphonk
Author: phacharaphonk

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