Bangchak Corporation has acquired Esso Thailand obtaining a 65.99% majority stake. 

Following ExxonMobil's divestment of its majority share in Esso Thailand, all Esso-branded petrol stations in Thailand will now be rebranded as Bangchak. This strategic acquisition has propelled Bangchak to become the largest oil refinery company in Thailand and expand its extensive network of petrol stations to encompass 2,200 locations. Valued at THB22.6 billion (US$637 million), this acquisition significantly boosts Bangchak's refinery capacity while broadening its petrol station network. Consequently, all 700 Esso petrol stations in Thailand will operate under the Bangchak brand. Furthermore, Bangchak is set to initiate a mandatory tender offer for the remaining Esso (Thailand) shares, constituting 34.01% of the total shares. The tender offer period is scheduled from September 8 to October 12, 2023.