Star Petroleum Refining Public Company Ltd has received the Board of Director’s approval for the acquisition of the Caltex-branded fuels marketing arm of Chevron (Thailand) Ltd (CTL) – subject to obtaining required third party approvals and consents. The business to be acquired will also include a 9.91% stake in Thai Petroleum Pipeline Company Ltd, 2.51% of Bangkok Aviation Fuel Services PCL, land in relation to the operation of CTL’s fuels business and an interest in fuel terminals located at Songkhla and Surat Thani.
Aligned with SPRC’s mission to strengthen its competitiveness through timely investments, the transaction is expected to bring forth added diversification and value for SPRC.
Robert Dobrik, CEO and Director of SPRC commented, “The investment into the fuels business is a strategic value chain business expansion that will allow SPRC to better service our customers in Thailand through reliable marketing and distribution of the company’s fuels products. We are very excited to embark on this new chapter, to create even more value for our shareholders and enhance our business sustainability.”
SPRC is committed to explore future opportunities to enhance shareholder value while ensuring that its portfolio maintains high returns and is well-positioned towards a lower carbon future. The investment is subject to shareholder approval in early 2023.
