Petroleum company Esso Thailand is scheduled to remove its logo from its filling stations nationwide on Thursday (August 31), ending 129 years of service in the country.
Esso’s exit follows Thai petroleum company Bangchak Corporation (BCP) announcing on January 12 that it was acquiring a majority 65.99% stake in Esso Thailand from ExxonMobil Asia Holdings Pte.
The 22.60 billion baht payment for Esso Thailand’s acquisition of 2.28 billion shares is scheduled to be made on Thursday.
In addition, Bangchak said it would purchase the remaining 1.17 billion shares, or 34.01% of Esso Thailand’s total shares worth 11.65 billion baht, for which payment is scheduled to be made on October 17 this year.
Bangchak sent the acquisition intimation to the Securities and Exchange Commission on Monday (August 28).
Upon acquisition, Bangchak will take over oil refineries with production capacity of 174,000 barrels per day, a network of oil depots with oil capacity of 7.4 million barrels and more than 700 filling stations nationwide.