One of Thailand’s largest energy conglomerates has bought Caltex petrol stations in Hong Kong in a HK$2.1 billion (US$270 million) deal, which the firm will use as a springboard into North Asia.
Semi-privatised Bangchak Corporation Public Company on Tuesday completed the acquisition of 100 per cent of the shares of Chevron Hong Kong from Chevron Companies (China), according to a Bangchak statement.
A source told the South China Morning Post that the sale was driven by a combination of factors, including declining fuel demand, the growing popularity of electric vehicles, a rising trend of Hong Kong motorists refuelling across the border and strong competition from mainland Chinese rivals in the city.
Upon completion of the deal, Bangchak will continue to operate the service stations under the Caltex brand through a licensing agreement between the Thai firm and Chevron, according to an earlier statement.
Chevron Hong Kong operates a diversified energy portfolio, including industrial fuels, marine fuels and 31 service stations across the city, it said.
It generated revenue of HK$10.5 billion, while profit after tax reached HK$263.3 million by the end of 2024, according to Bangchak.
The Thai conglomerate said the deal was part of its regional expansion strategy and would strengthen its trading and commercial presence in North Asia, adding that the acquired company had been renamed Bangchak Hong Kong.
