ExxonMobil has sold its stakes in Esso Thailand which includes the Sriracha Refinery, select distribution terminals, and a network of Esso-branded retail stations, delivering on its commitment to strengthening the value and overall competitiveness. ExxonMobil’s affiliate, ExxonMobil Asia Holdings Pte. Ltd, which holds a 65.99% interest in Esso Thailand, will be responsible to execute this transaction.

“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.”

The supply of branded finished lubricants and chemical products to Thailand market that are made by ExxonMobil will remain the same 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 will continue focusing on the safety and reliability of its operations and ensuring compliance with commitments made to customers and relevant government agencies and regulators.

The agreement is anticipated to be executed in the second half of 2023, it is up to conditions and applicable legal requirements, including approval from regulatory authorities.