Bangchak Expands Regional Footprint Acquires Shares in Chevron Hong Kong

Mr. Chaiwat Kovavisarach, Group Chief Executive Officer and President, Bangchak Corporation Public Company Limited, said, "The acquisition of CHK is not only an expansion of Bangchak's business into international markets, but also a strategic step in bringing Thailand's energy business to build confidence at the regional level. We are committed to strengthening our competitiveness, creating sustainable value, and moving forward into the future of energy with a clear direction. Hong Kong is a highly developed free economy with a well-established legal and regulatory framework and a transparent free-trade regime comparable to a highly competitive market. The territory maintains a high sovereign credit rating (AA+), reflecting strong economic stability and robust governance, and serves as one of Asia's key logistics and maritime hubs, making it well-suited for this transaction."

CHK operates a diversified energy portfolio, including fuel retail, industrial fuels, and marine fuels, supported by an international-standard oil terminal and jetty facilities. CHK is also one of the major service station operators in the Hong Kong oil market, with 31 service stations across urban and suburban areas. Following the acquisition, Bangchak will continue to operate the service stations under the Caltex brand through a license agreement between Bangchak and Chevron.

The investment in CHK will enhance Bangchak's ability to further develop its overseas fuel retail business, extend into a fully integrated marine fuels business, expand its customer base, strengthen energy logistics capabilities, and create new long-term growth opportunities. The transaction is expected to be completed in mid-2026.

This acquisition is in line with Bangchak's sustainable growth strategy, "Accelerating Bangchak 100x," which aims to accelerate step-change growth while strengthening competitiveness, operational excellence, and good corporate governance. Since 1 January, Bangchak has reorganized its business into five core groups: Refining, Marketing, and Biofuels Business Group; Natural Resources Business Group; Power and Infrastructure Business Group; Oil Trading Business Group; and New Businesses and Holdings Group. Bangchak continues to maintain strict investment discipline and has allocated a total capital expenditure budget of THB 35 billion for 2026-2028 to develop core businesses, strengthen future energy infrastructure, and support stable and sustainable long-term growth.

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