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)

APORNRATH PHOONPHONGPHIPHAT, Nikkei staff writer

January 12, 2023 16:37 JST

Updated on January 13, 2023 17:25 JST

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.