Bangchak acquires 100% of Chevron Hong Kong to expand regional energy footprint
Bangchak Group Chief Executive Officer Chaiwat Kovavisarach announces a 100% acquisition of Chevron Hong Kong to accelerate international growth and strengthen regional energy logistics under the "Accelerating Bangchak 100x" strategy.
- Bangchak Corporation is acquiring 100% of Chevron Hong Kong Limited (CHK) as a strategic move to expand its business into international markets.
- The acquisition provides Bangchak with CHK's diverse energy assets, including 31 service stations, commercial and industrial fuel operations, and a marine fuel business.
- This expansion leverages Hong Kong's status as a key logistics hub and stable economy to enhance Bangchak's regional competitiveness and energy logistics.
- Following the acquisition, expected to be completed by mid-2026, the service stations will continue to operate under the Caltex brand through a licensing agreement.
Chaiwat Kovavisarach, Group Chief Executive Officer and President of Bangchak Corporation Public Company Limited, revealed that the company has proceeded to purchase shares of Chevron Companies (Greater China) Limited (“CCGC”) to acquire 100% ownership of Chevron Hong Kong Limited (“CHK”).
The acquisition of CHK is not merely an expansion of Bangchak’s business into international markets, but a strategic move to advance the Thai energy business towards building regional confidence.
It aims to elevate competitiveness, create sustainable value, and move towards a clear energy future.
Hong Kong is a developed free economy with legal frameworks and free retail trade rules similar to a perfectly competitive market.
Additionally, it holds a high national credit rating (AA+), reflecting economic stability and a strong regulatory system under the rule of law.
Being a key logistics and shipping hub in Asia, it is suitable for this transaction.
CHK operates diverse energy businesses, including retail fuel, commercial and industrial fuel, and marine fuel, along with international standard fuel terminals and jetties.
Furthermore, CHK is one of the major operators in the Hong Kong fuel market, with 31 service stations covering urban and suburban areas.
Post-acquisition, Bangchak will continue to operate the service stations under the Caltex brand under a trademark licensing agreement between Bangchak and Chevron.
“Investing in CHK will enhance Bangchak's potential to extend its retail fuel business overseas more effectively, including developing a fully integrated marine fuel business, expanding the customer base, strengthening energy logistics, and creating new opportunities for long-term growth. The share purchase transaction is expected to be completed by mid-2026.”
Chaiwat further stated that this move aligns with Bangchak’s sustainable growth strategy, “Accelerating Bangchak 100x,” which aims to accelerate leapfrog growth and drive the organisation towards excellence in competitiveness, management, and operations under good governance principles.
Currently, Bangchak has restructured its business into 5 main groups, effective from January 1.
These consist of: 1. Refinery, Marketing, and Bio-based Energy Business Group, 2. Natural Resources Business Group, 3. Power and Infrastructure Business Group, 4. Oil Trading Business Group, and 5. New Business and Holdings Group.
The company maintains strict investment discipline and has allocated an investment budget for 2026–2028 totalling THB35,000 million to develop core businesses, reinforce future energy infrastructure, and build upon stable and sustainable growth.
