Thailand’s Bangchak Corporation has entered Hong Kong’s fuel market with a $267mn acquisition of Chevron’s Caltex business.
Thailand’s Bangchak Corporation has completed the acquisition of Chevron Hong Kong for HKD$2.1bn ($267mn), marking the company’s first major move into Hong Kong and strengthening its presence in North Asia, according to South China Morning Post.
The deal gives Bangchak full ownership of Chevron Hong Kong, including its network of 31 Caltex petrol stations, as well as its industrial and marine fuel operations. The stations will continue to operate under the Caltex brand through a licensing agreement with Chevron.
The acquisition forms part of Bangchak’s wider regional expansion strategy, with the company renaming the business Bangchak Hong Kong. It aims to use the territory as a trading and commercial hub linking its retail, marine fuel and energy trading operations across North Asia.
According to Bangchak, Chevron Hong Kong generated revenue of HKD$10.5bn and post-tax profit of HKD$263.3mn in 2024, making it a valuable addition to the group’s international portfolio.
Group Chief Executive and President Chaiwat Kovavisarach said the purchase represents a significant milestone in Bangchak’s long-term growth plans. He said Hong Kong’s position as a leading financial, shipping and aviation centre provides an ideal base to expand the company’s global trading activities.
Bangchak also plans to use the acquisition to develop bio-based products and lower-carbon energy solutions as demand shifts towards cleaner fuels.
The purchase comes despite mounting challenges in Hong Kong’s fuel retail market. Petrol demand has weakened as electric vehicle adoption accelerates and more motorists cross into mainland Chinese cities, including Shenzhen and Zhuhai, to take advantage of significantly lower fuel prices.
Hong Kong remains one of the world’s most expensive places to buy petrol, with prices reaching about HKD$31.80 per litre, compared with roughly HKD$9.80 per litre on the mainland.
Bangchak recently reorganised its operations into five core business divisions covering refining, biofuels, natural resources, power and infrastructure, oil trading, and new business ventures as it continues to expand its international footprint.
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