Thailand's Bangchak Corporation Kicks Off 2023 with Refinery Acquisition

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Researched by Industrial Info Resources (Sugar Land, Texas)--Bangchak Corporation Public Company Limited (BCP) has signed an agreement to acquire Exxon Mobil Corporation's (NYSE:XOM) (Irving, Texas) 65.99% stake in Esso (Thailand) Public Company Limited.

The transaction, valued at more than US$600 million, is expected to be completed in the second half of 2023, subject to regulatory approvals, BCP said.

The acquisition includes the Sriracha Refinery, select distribution terminals, and a network of Esso-branded retail stations, Exxon Mobil said in a press release.

With the acquisition, BCP will have a combined refining nameplate capacity of 294,000 barrels per day (BBL/d), including the 170,000-BBL/d Sriracha refinery and the 124,000-BBL/d Bangkok refinery.

BCP earlier announced that its "investments are aligned with the policies, strategies and business operations of the company, with a focus on innovations for sustainable growth." The acquisition will improve the refining activities of BCP and the expansion into sustainable energy and bio-based products, the company said.

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