Mr Chaiwat (right) at the asset handover ceremony in Hong Kong following Bangchak's acquisition of Chevron Hong Kong.
Energy conglomerate Bangchak Corporation has completed its acquisition of Chevron Hong Kong, a move the company believes will strengthen its foothold in North Asia despite mounting challenges in the oil retail sector.The deal, valued at US$270 million (8.91 billion baht), was finalised on June 30 and gives Bangchak full ownership of Chevron Hong Kong's operations.
The business includes 31 Caltex-branded service stations, international-standard oil storage terminals and commercial, industrial and maritime fuel operations.
In 2024, Chevron Hong Kong reported revenue of HK$10.5 billion (44.7 billion baht) and net profit of HK$263.3 million (1.1 billion baht).
Bangchak acknowledges that the Hong Kong oil market is facing headwinds.
