- Sale includes interest in Sriracha Refinery and Thailand network of Esso-branded retail stations
- ExxonMobil to continue to supply finished lubricants and chemical products in Thailand
- ExxonMobil Bangkok Global Business Center, exploration and production activities unaffected
According to the company’s website press release on January 11, 2023, ExxonMobil has reached an agreement with Bangchak Corporation to sell its interest in Esso Thailand that includes the Sriracha Refinery, select distribution terminals, and a network of Esso-branded retail stations, delivering on its commitment to strengthen value and overall competitiveness. The transaction will be executed by ExxonMobil’s affiliate, ExxonMobil Asia Holdings Pte. Ltd, which holds 65.99% interest in Esso Thailand.
“As we execute our strategy, ExxonMobil is focusing its investments on global production facilities to meet the world’s demand for lower-emissions fuels and high-performance products, while divesting assets where others see the potential for greater value,” said Karen McKee, president of ExxonMobil Product Solutions. “We appreciate the talent and determination of our colleagues in Thailand who have safely provided reliable product supply to the Thailand and Greater Mekong markets for more than 125 years, and we thank them for their dedicated service.”
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.
ExxonMobil remains focused on safe and reliable operations and ensuring compliance with commitments made to customers and relevant government agencies and regulators.
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.
About ExxonMobil
ExxonMobil, one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet society’s evolving needs.
The corporation’s primary businesses - Upstream, Product Solutions and Low Carbon Solutions - provide products that enable modern life, including energy, chemicals, lubricants, and lower-emissions technologies. ExxonMobil holds an industry-leading portfolio of resources, and is one of the largest integrated fuels, lubricants and chemical companies in the world.
In 2021, ExxonMobil announced Scope 1 and 2 greenhouse gas emission-reduction plans for 2030 for operated assets, compared to 2016 levels. The plans are to achieve a 20-30% reduction in corporate-wide greenhouse gas intensity; a 40-50% reduction in greenhouse gas intensity of upstream operations; a 70-80% reduction in corporate-wide methane intensity; and a 60-70% reduction in corporate-wide flaring intensity.
With advancements in technology and the support of clear and consistent government policies, ExxonMobil aims to achieve net-zero Scope 1 and 2 greenhouse gas emissions from its operated assets by 2050.To learn more, visit exxonmobil.com, the Energy Factor, and ExxonMobil’s Advancing Climate Solutions.
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Cautionary Statement
Statements of future events, investments, conditions, operations, partnerships, strategic and operating plans and objectives, and other statements of future ambitions in this release are forward-looking statements.
Actual future results, including business and project plans, plans to reduce emissions, operating performance and timing could differ materially due to a number of factors. These include the outcome of future commercial negotiations; ability to execute operational objectives on a timely and successful basis; implementation of government policies related to lower-emission technologies; commercial and consumer interest in lower-emissions opportunities; global or regional changes in supply and demand; actions of competitors and commercial counterparties; and other market factors.
Any forward-looking statement speaks only as of the date of this press release and the companies named herein disclaim any obligation to update any forward-looking statement.
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