Bangchak acquires majority stake in Esso Thailand

Bangchak Corporation, a prominent petroleum company in Thailand, has announced its acquisition of a 65.99% stake in Esso (Thailand) Public Company Limited. This significant purchase, previously owned by ExxonMobil Asia Holdings Pte. Ltd., Singapore, will result in the rebranding of 700 Esso petrol stations in Thailand to the Bangchak brand.

The THB22.6 billion (USD644.5 million) deal for 2,283,750,000 shares solidifies Bangchak’s position in Thailand’s petroleum sector. The acquisition expands the company’s petrol station network to over 2,200 locations nationwide. This strategic initiative not only boosts Bangchak’s market footprint but also underscores its dedication to environmental sustainability. The company aims to distribute its eco-certified petroleum products to the newly integrated stations.

This move by Bangchak signifies its intent to leverage Esso’s robust brand image and extensive customer reach. The transition process is designed to be smooth, ensuring minimal disruptions for consumers and staff. With a 29.1% market share, Bangchak is now the second-largest petroleum entity in Thailand, trailing only PTT Public Company, which commands a 39% share.

In related developments, ExxonMobil Marketing (Thailand) Limited (EMMTL), a new ExxonMobil subsidiary, initiated the marketing of its “Mobil” brand lubricants and various chemical products in Thailand as of August 1, 2023. These products, available at leading retailers and automotive service centers, cater to diverse industrial applications.

Earlier in February 2023, ExxonMobil established EMMTL to cater to the Thai market with its lubricants and chemical products. By April 18, 2023, Esso (Thailand) Public Company Limited (ETL) and EMMTL had agreed to transition these business operations.