Business Strategy Exxon Mobil to Divest Interest in Esso Thailand
Exxon Mobil has entered into an agreement with Bangchak Corporation to divest its interest in Esso Thailand. The deal includes the Sriracha Refinery, select distribution terminals, and a network of Esso-branded retail stations.
Texas/USA – Exxon Mobil 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 Exxon Mobil’s affiliate, Exxon Mobil Asia Holdings, which holds 65.99 % interest in Esso Thailand.
“As we execute our strategy, Exxon Mobil 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,” said Karen Mckee, president of Exxon Mobil Product Solutions.
Exxon Mobil will continue to supply the Thailand market with branded finished lubricants and chemical products through a new company to be formed. Exxon Mobil’s upstream operations through its affiliate Exxon Mobil Exploration and Production Khorat, and Exxon Mobil’s Bangkok Global Business Center, which employs about 2,000 people, will not be impacted.
Exxon Mobil remains focused on safe and reliable operations and ensuring compliance with commitments made to customers and relevant government agencies and regulators.
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.