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Al Jazeera
Al Jazeera
Business

ExxonMobil to sell stake in Thai business for $603m

ExxonMobil Bangchak Thailand Esso
Thailand’s energy conglomerate Bangchak will buy a two-thirds stake in ExxonMobil's Thai business [File: Toru Hanai/Reuters]

Thailand’s energy conglomerate Bangchak will buy a two-thirds stake in ExxonMobil’s Thai business in a deal valued at 20.1 billion baht ($603m), the two companies have announced.

Bangchak said its purchase of the controlling stake in Esso Thailand, valued at 55.5 billion baht ($1.6 billion) in total, is expected to be completed in the second half of this year for a price that is yet to be determined.

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