Bangchak acquired Esso for approximately 30,000 million Baht.

The power industry has been shaken after the news that Bangchak announced the closed deal to take over Esso (Thailand) Public Company Limited share with approximately 30,000 million baht. Let’s take a look at what Bangchak got after the deal to take over Esso and the details about stock holdings.

Bangchak announced that it closed the deal to take over Esso from ExxonMobil Asia Holdings Pte. Ltd. with the estimate of 30,000 million baht, but the whole business value that Bangchak received is around 55,000 million baht. It is a worthwhile deal because Bangchak earned a lot of profit, and the deal also made Bagchak to be one of the power companies with the highest refining capacity in Thailand. Bangchak also ranked in second place behind PTT about the highest number of gas stations. Let’s take a look at what to get after closing the deal with Esso.


  1. Acquire 700 additional ESSO gas stations nationwide, totaling 2,100 branches nationwide. The transition period from Esso to Bangchak petrol station will be within 2 years.
  2. The oil reserves have increased to about 15 million barrels which stabilize the Thai power sector.
  3. A total refining capacity from Bangchak and Esso is approximately 294,000 barrels per day.
  4. Provide a comprehensive range of services and more options at reasonable prices for people.
  5. The company’s revenue immediately increased by 1,500 to 2,000 million baht.

Details of the acquisition of Esso's share.

On 11 January 2023, the Board of Directors Meeting of the Company No. 1/2566 was held and unanimously approved to propose to the General Meeting of Shareholders to consider the approval of 65.99 percent of the total number of ESSO shares.

  • The share is set to be 8.84 million baht per share which is calculated from Esso’s business value subtracted from the debt. The payment period for the shares is approximately August 2023, or at the latest at the end of 2023.
  • The total amount of money if combined with Tender Offer is 30,608 million baht for Bangchak to take over Esso, but Esso’s business value is 55,000 million baht. 
  • Bangchak is financially ready to buy Esso shares because they have financial status and cash of approximately 40 billion baht with a credit loan approved by financial institutions. However, Bangchak will still have to manage their finances again because if all loans are used, the debt will increase from 0.6times to 1.7times.

From now on, Bangchak will play an important role in the power industry group. In addition, Bangchak will be able to expand in a wider variety of businesses compared to PTT Group’s gas stations.

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