IN OTHER WORLDS ACQUISITION


the American based energy company Motiva Trading and the launch of Aramco Trading Americas LLC (ATA), a wholly- owned subsidiary of ATC based in Houston, Texas. Aramco Trading Americas


(ATA) will be Aramco’s Trading Company’s regional office, expanding its trading business in North and South America to capture new opportunities and increase its existing customer base. Under the purchase agree-


ment, ATA will be the sole sup- plier and offtaker of Motiva Enterprises, which owns the largest refinery in North America with a crude refining capacity of 630,000 barrels a day, producing consumer and commercial-grade fuels and


Aramco acquires Motiva Trading Company A


ramco Trading Compa- ny (ATC) has announced a 100% acquisition of


Aramco Trading Americas offices. SOURCE | SAUDI ARAMCO


base oils. Mohammed K. Al-Mulhim,


President & CEO of Aramco’s Trading Company said: “The acquisition of Motiva Trading and the establishment of Aramco Trading Americas are giant steps towards execut- ing our ambitious global


growth strategy, which aims to expand our geographical reach and scale of operations, while further strengthening our product flexibility and optionality.” Founded in 1998 and head-


quartered in Houston, Texas, Motiva refines, distributes and


markets petroleum products throughout the United States. Under exclusive, long-term brand licenses with Shell and Phillips 66 (for the 76® brand), Motiva’s marketing operations support more than 5,000 retail gasoline stations. Established in 1933 as the


California Arabian Standard Oil Company (CASOC) which was a subsidiary of Saudi Arabia and the Standard Oil Company of California (SOCAL), Saudi Aramco has evolved over the years to become one of the largest integrated energy and chemi- cal companies in the world. Aramco Trading Company is the trading arm of Saudi Aramco, with a trading port- folio focusing on petroleum products, crude oil, LPG, LNG and aromatics.


.


ExxonMobil sells its downstream operations in Thailand DIVESTITURE


E


xxonMobil has reached an agreement with Bangchak Corporation to sell its inter-


est in Esso Thailand Limited (ETL) that includes: the Sriracha Refinery, select distribution terminals, and over 700 Esso-branded retail stations. The transaction will be executed by ExxonMobil’s affiliate, ExxonMobil Asia Holdings Pte. Ltd, which holds 65.99% interest in Esso Thailand. Bangchak entered into the


share purchase agreement with ExxonMobil for the acquisition of 2,283,750,000 ordinary shares of ETL on 11 January 2023. Bangchak Corporation will subsequently launch a tender offer for the


16


remaining ordinary shares of ETL after the completion of the transaction with ExxonMobil. ExxonMobil will continue to supply the Thailand market with branded finished lubricants and chemical products through a new company to be formed. ExxonMobil’s upstream operations through its affiliate ExxonMobil Exploration and Production Khorat Inc., and ExxonMobil’s Bangkok Global Business Center, which employs about 2,000 people, will not be impacted. “As we execute our strategy,


ExxonMobil is focusing its investments on global production facilities to meet the world’s


demand for lower-emissions fuels and high-performance products, while divesting assets where others see the potential for greater value,” said Karen McKee, president of ExxonMobil Product Solutions. “We appreciate the talent and determination of our colleagues in Thailand who have safely provided reliable product supply to the Thailand and the Greater Mekong markets for more than 125 years, and we thank them for their dedicated service.” Mr. Chaiwat Kovavisarach,


Group Chief Executive Officer and President, Bangchak Corporation Public Company Limited, said “This investment is a step towards


greater energy security, balancing our long-term strategy with energy affordability and sustainability. I believe this transformational transaction marks the beginning of a new chapter for BCP and for Thailand.”


With this acquisition, Bangchak


will have a refinery with a capacity of 294 KBD and a network of 2,100 service stations. The transaction is expected to close in the second half of 2023, subject to standard conditions and applicable legal requirements, including approval from regulatory authorities.


. LUBEZINE MAGAZINE | March 2023


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