ExxonMobil agrees to sell interest in Esso Thailand to Bangchak Corp for undisclosed fee

SINGAPORE (ICIS)–ExxonMobil has reached an agreement with Thai refiner Bangchak Corp to sell its interest in Esso Thailand, which includes the Sriracha Refinery, for an undisclosed fee, the energy major said late on Wednesday.

The Sriracha refinery site also houses an aromatics plant that can produce paraxylene (PX), benzene, and mixed xylenes production units. PX production at the site has been suspended since April 2021.

The deal with Bangchak Corp will also include select distribution terminals and a network of Esso-branded retail stations.

The transaction will be executed by ExxonMobil’s affiliate, ExxonMobil Asia Holdings, which holds 65.99% interest in Esso Thailand.

ExxonMobil will continue to supply the Thailand market with branded finished lubricants and chemical products through a new company to be formed.

ExxonMobil’s upstream operations through its affiliate ExxonMobil Exploration and Production Khorat Inc, and ExxonMobil’s Bangkok Global Business Center, which employs about 2,000 people, will not be impacted.

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.