The US oil and gas company ExxonMobil has reached an agreement with Thailand’s Bangchak Corporation to sell its 65.99% interest in Esso Thailand, which includes assets such as the 177,000 bbl/d Sriracha refinery, several distribution terminals, and a network of retail stations, for a value estimated at around THB20.1bn (US$603m). The transaction is expected to close in the second half of 2023, subject to standard conditions and legal requirements.
Since 2021, ExxonMobil has tried to accelerate its divesture plans, leveraging increased interest in its properties on the back of rising oil and gas prices. The US oil company pledged to sell dozens of properties in Asia, Africa, the United States and Europe, notably to reduce its debt. In December 2022, it signed an agreement with the Italian private petroleum company Italiana Petroli (IP) for the sale of fuel and refining assets owned in Italy by Esso Italiana, another subsidiary of Exxon Mobil.
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