SPRC acquire Chevron

Editorial team

SPRC to acquire Chevron’s fuels marketing business in Thailand

Star Petroleum Refining Public Company Limited (SPRC) has received shareholders’ approval to purchase Chevron (Thailand) Limited (CTL)’s fuels marketing business, 9.91 % stake in Thai Petroleum Pipeline Company Limited, 2.51 % of Bangkok Aviation Fuel Services PCL, certain plots of land relating to the operation of fuels marketing business and an interest in the fuels terminals located at Songkhla and Surat Thani.

SPRC shareholders, excluding Chevron, voted their approval at an extraordinary general meeting on January 31, 2023. Integration of the acquired business will take place over the next 10 to 12 months with a projected close of transaction in the first quarter of 2024.

Mr. Robert Dobrik, director and chief executive officer of SPRC said, “The investment into the fuels business is a significant step forward for the company. This increases SPRC’s competitiveness and is a strategic value chain business expansion that will allow SPRC to better serve its customers in Thailand through the marketing and distribution of its high-quality fuel products.”

Mr. Robert Dobrik, director and chief executive officer of SPRC

The investment will include assets in strategic locations, terminals and 427 services stations across the country operated by professional business partners. SPRC will continue to use the Caltex and Techron brands and add to the long history of their presence in Thailand.

The acquisition enables the company to run an integrated refining and marketing business while offering a more comprehensive customer experience through the nationwide retail network, which will also generate enhanced returns for our shareholders.

The combined company will broaden employee skills and capabilities for future industry changes, including energy transition goals that are part of the Company's strategy for achieving long-term business growth.

Mr. Brant Fish, president of Chevron International Products added, "Chevron is the majority shareholder of SPRC, owning over 60 % of the organization. This transaction will consolidate our petroleum fuels refining and marketing businesses in Thailand under a single management structure. As an independently managed, publicly listed company, SPRC is well-positioned to respond to profitable growth opportunities in the market which will allow Chevron, through SPRC, to strengthen our competitive position in Thailand."