In a big transfer in Thailand’s petroleum sector, Bangchak Corporation secured a powerful acquisition of Esso Thailand. ExxonMobil Asia Holdings’ relinquishing of a sixty five.99% majority stake to Bangchak marks the completion of this transaction. As a consequence of this development, round seven hundred Esso petrol stations throughout the nation will begin operations beneath Bangchak’s brand, starting tomorrow.
Downloadable , the Group CEO and President of Bangchak, confirmed that the corporate had completed the acquisition, with the monetary value of the strange shares of Esso pegged at 22.6 billion baht.
This acquisition signifies the end result of Esso’s 129-year operation in Thailand. In the wake of this transition, a comprehensive rebranding of all Esso’s petrol stations as Bangchak’s is expected to happen inside two years.
The acquisition has effectively bolstered Bangchak’s petrol refinery capacity, elevating it to 174,000 barrels per day. Additionally, it has amplified the company’s network of petrol stations, with the depend growing to approximately 800 areas throughout the country.
Looking forward, Bangchak has charted formidable plans for its future growth. The firm goals to reinforce its refinery capability to 294,000 barrels per day, which would position it as the biggest oil refinery company in Thailand. Simultaneously, it envisions increasing its community of petrol stations to a staggering 2,200 locations.
Bangchak has also emphasised its dedication to supplying world-class petroleum products to the previous Esso stations. The company prides itself on providing eco-friendly merchandise, all of which have acquired quality certifications from the Department of Energy Business.
Just over a month earlier than the Esso merger, Bangchak made headlines for its forward-looking technique because it navigates the uncertain future of the oil refinery business, deeply impacted by the global push for electrical automobiles. In an endeavour to address this dilemma, the corporation steered its focus in course of the event of biofuel, known as sustainable aviation gasoline (SAF), for plane, doubtlessly a significant income shortly..