ExxonMobil has reached an agreement with Bangchak Corporation to sell its interest in Esso Thailand that includes the Sriracha Refinery, select distribution terminals, and a network of Esso-branded retail stations, delivering on its commitment to strengthen value and overall competitiveness.

 

The transaction will be executed by ExxonMobil’s affiliate, ExxonMobil Asia Holdings, which holds 65.99 per cent interest in Esso Thailand.

 

Karen McKee, president of ExxonMobil Product Solutions, said: “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. 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 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, and ExxonMobil’s Bangkok Global Business Center, which employs about 2,000 people, will not be impacted, according to the company.   

 

The transaction is expected to close in the second half of 2023, subject to standard conditions and applicable legal requirements, including approval from regulatory authorities. –TradeArabia News Service