ExxonMobil to sell interest in Esso Thailand
1 min read . Updated: 12 Jan 2023, 08:14 AM IST
PremiumExxonMobil has reached an agreement with Bangchak Corporation to sell all of its shares of Esso Thailand.
ExxonMobil on Wednesday announced that it has reached an agreement with Bangchak Corporation to sell all of its shares of Esso Thailand.
The sale includes the Sriracha oil refinery, select distribution terminals, and a network of Esso-branded retail fuel stations, delivering on its commitment to strengthen value and overall competitiveness.
The transaction is expected to close in the second half of 2023. As per the release, “The transaction will be executed by ExxonMobil’s affiliate, ExxonMobil Asia Holdings Pte. Ltd, which holds 65.99% interest in Esso Thailand."
"ExxonMobil will continue to supply the Thailand market with branded finished lubricants and chemical products through a new company to be formed," the company said in a release.
Speaking on this, Karen McKee, president of ExxonMobil Product Solutions, “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," he added.
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