The Bangchak Corporation Public Company Limited (Bangchak) has announced its acquisition of Esso Thailand from ExxonMobil in Thailand, Bangkok.

The portfolio involves a 174 KBD complex refinery, a network of distribution terminals, and over 700 service stations. With the transaction, Bangchak will have a combined crude and product terminal capacity of approximately 15 million barrels enhancing its reserves and energy security.

Bangchak will acquire 66% or 22.8 billion shares of Esso. The transaction was valued at THB55.5 billion (US$1.7 billion). It is expected that Bangchak will subsequently launch a tender offer for the remaining 34% of the stock after the completion of the transaction with ExxonMobil.