Exxon Mobil to sell Thai refinery, retail unit to Bangchak

Bangchak will acquire 66%, or 2.28 billion shares, of Esso at a price to be determined later, the companies said in separate stock exchange filings. — Reuters

BANGKOK: Exxon Mobil Corp will sell its controlling stake in Esso (Thailand) Pcl that runs a local refinery and retailing business to rival Bangchak Corp, as the largest US oil company focuses on its home market and production of lower-emission fuels.

Bangchak will acquire 66%, or 2.28 billion shares, of Esso at a price to be determined later, the companies said in separate stock exchange filings yesterday.