(Feb 13): Bangchak Corp will acquire Chevron’s Hong Kong fuel business for US$270 million as the Thai energy company accelerates its overseas expansion, it said.
The Bangkok-based company agreed to buy 100% of Chevron Hong Kong Ltd, according to its Thai exchange filing. Chevron Hong Kong operates gas stations as well as industrial and marine fuel businesses in the territory, it said.
Bangchak has expanded its operations to Norway, United Arab Emirates and Taiwan with investments in renewable energy and oil exploration, shifts away from its traditional refinery and gas stations businesses. The energy company in 2023 acquired a majority control of Exxon Mobil Corp’s Thai refinery and retail business for US$644 million.
The latest deal represents Bangchak’s move to expand its presence across the Asia-Pacific, it said. Bangchak plans to use loans and cash to finance the acquisition.
The company’s 2025 net income rose 32% to 2.88 billion baht, boosted by higher earnings from its refinery and power businesses, Bangchak reported after the market closed on Thursday.
See also: TotalEnergies cuts buyback as profit slips on lower oil
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