ExxonMobil has reached an agreement with Bangchak Corporation to sell its interest in Esso Thailand Limited (ETL) that includes: the Sriracha Refinery, select distribution terminals, and over 700 Esso-branded retail stations. The transaction will be executed by ExxonMobil’s affiliate, ExxonMobil Asia Holdings Pte. Ltd, which holds 65.99% interest in Esso Thailand.
Bangchak entered into the share purchase agreement with ExxonMobil for the acquisition of 2,283,750,000 ordinary shares of ETL on 11 January 2023. Bangchak Corporation will subsequently launch a tender offer for the remaining ordinary shares of ETL after the completion of the transaction with ExxonMobil.
ExxonMobil will continue to supply the Thailand market with branded finished lubricants and chemical products through a new company to be formed. ExxonMobil’s upstream operations through its affiliate ExxonMobil Exploration and Production Khorat Inc., and ExxonMobil’s Bangkok Global Business Center, which employs about 2,000 people, will not be impacted.