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Esso exits Thailand after Acquisition by Bangchak Corporation
Esso Thailand, a petroleum company, has been acquired by Bangchak Corporation after ExxonMobil sold its majority stake. As a result, all Esso petrol stations in Thailand will operate under the Bangchak brand.
Key Takeaways
- Bangchak Corporation has acquired a majority stake in Esso Thailand, leading to the rebranding of all Esso petrol stations under the Bangchak brand.
- This acquisition has made Bangchak the largest oil refinery company in Thailand and expanded its network of petrol stations to 2,200 locations.
- Bangchak will supply its eco-friendly petroleum products to former Esso stations, which have received quality certifications from the Department of Energy Business.
The acquisition, worth 22.6 billion baht, allows Bangchak to increase its refinery capacity and expand its network of petrol stations. Bangchak plans to become the largest oil refinery company in Thailand and rebrand all Esso stations within two years. Bangchak will supply its eco-friendly petroleum products to the former Esso stations.
Bangchak Corporation has completed the acquisition of Esso Thailand, obtaining a 65.99% majority stake previously held by ExxonMobil Asia Holdings. As a result, all 700 Esso petrol stations in Thailand will now operate under Bangchak’s brand.
As part of the acquisition, Bangchak Corporation aims to capitalize on the strong brand reputation and customer base of Esso Thailand. The company plans to implement a smooth transition process, ensuring minimal disruptions for consumers and employees alike.
Bangchak Corporation Public Company’s acquisition of Esso (Thailand) will make it the second-largest petroleum company in Thailand with a market share of 29.1%, trailing behind PTT Public Company which holds 39%.
With the expansion of its network to include the former Esso petrol stations, Bangchak is set to become a prominent player in the petroleum industry in Thailand. The addition of these stations brings the total number of Bangchak-owned gasoline stations to an impressive 2,200 locations nationwide.
Moreover, Bangchak’s commitment to sustainability is evident in its focus on supplying eco-friendly petroleum products to the newly-acquired stations. The company has already obtained quality certifications from the Department of Energy Business, reinforcing its dedication to providing environmentally conscious options to consumers.
In the coming years, Bangchak Corporation plans to further enhance its refinery capacity, solidifying its position as the largest oil refinery company in Thailand. By investing in infrastructure and technological advancements, the company aims to streamline operations and meet the growing demand for petroleum products in the country.
The rebranding of all Esso petrol stations under the Bangchak brand will not only bring visual changes but also reflect the unified vision and strategies of the combined entity. Customers can expect the same level of quality and service they have come to know from Esso, now under the Bangchak name.
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