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Thai oil retailer takes control of ExxonMobil unit

Acquisition to give Bangchak the nation's largest gas station network

Bangchak's share price jumped 7.8% on Thursday on news that it was adding refining capacity and doubling the number of its gas stations. (Source photos courtesy Bangchak and Reuters)

BANGKOK -- Thai state-owned gas retailer Bangchak said on Thursday it had begun the process of acquiring a controlling 65.99% stake in Esso Thailand from ExxonMobil Asia Holdings.

The deal valuing Esso at 55.5 billion baht ($1.6 billion) will leave Bangchak with the country's largest gas station network.

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