SPRC Acquires Chevron’s Fuels Business in Thailand

Star Petroleum Refining Public Company Limited (SET: SPRC) announced it has completed a transaction with Chevron Asia Pacific Holdings Limited (CAPHL) to acquire the Caltex-branded fuels marketing business in Thailand. This acquisition is expected to enhance SPRC’s value chain as a fully integrated refining and marketing business in Thailand.

Robert Dobrik, SPRC Director and Chief Executive Officer said, “We are pleased to welcome the Caltex-branded fuels marketing business into our family. Bringing together the fuels products distribution and marketing businesses with our refining capabilities will create significant growth and strategic value chain opportunities that will benefit our shareholders and customers, while also enhancing energy security within the Kingdom of Thailand.”

“SPRC will continue to use the Caltex® and Techron brands adding to their 75-year legacy in Thailand, and we look forward to delivering high-quality fuels products and services to our customers through our Caltex service stations located nationwide,” added Dobrik.

Shashank Nanavati, SPRC Executive Vice President, Commercial who formerly served as Chevron (Thailand) Limited (CTL)’s Country Chairman and General Manager said, “Integrating refining and our fuels marketing businesses will enhance our brand value, allowing us to offer a more comprehensive customer experience, and will generate enhanced returns for our retailers and shareholders. The integrated businesses will also broaden employees’ skills and capabilities for future industry changes, including energy transition goals that are part of our company’s strategy to achieve long-term business growth.”

In addition to operating a complex refinery with capacity of 175,000 barrels of crude/day, SPRC will also drive value through the distribution of the high-quality Caltex and Techron fuel products to approximately 450 retail service stations nationwide operated by professional business partners. Other strategic assets in the transaction include a 9.91% stake in Thai Petroleum Pipeline Co., Ltd., a 2.51% stake in Bangkok Aviation Fuel Services Public Company Ltd., investments in private companies holding plots of land related to the fuels distribution and two fuels terminals located in Songkhla & Surat Thani provinces.