SPRC Announces Acquisition of Caltex Petrol Stations Expected to Completion in the First Quarter of 2024

Star Petroleum Refining Public Company Limited or SPRC has been approved by shareholders. To acquire Chevron (Thai) Co., Ltd.’s petroleum product distribution business or Caltex gas station, expected to be completed in the first quarter of 2024.

SPRC also acquired a 9.91% stake in Thai Petroleum Pipeline Co., Ltd. and a 2.51% stake in Bangkok Aviation Fuel Services Plc. and plots of land related to petroleum products distribution business Including the proportion of utilization in fuel depots located in Songkhla and Surat Thani provinces. The merger process will take place over the next 10 to 12 months. It is expected that these transactions will be completed in the first quarter of 2024.

Robert Dobrick, Director and Chief Executive Officer of Star Petroleum Refining Public Company Limited, revealed that this investment in the distribution of petroleum products It is an important step for SPRC in strengthening its competitiveness. It is a strategic value chain expansion that will allow SPRC to better serve customers in Thailand through marketing. and distributor of high quality fuel of the Company

This investment will be a combination of assets located in strategic areas, including fuel storage. and 427 gas stations nationwide Which is operated by professional business partners and SPRC will continue to distribute quality fuel products under the Caltex and Techron brands that have been trusted and have been with Thailand for a long time. For entering into this transaction will result in the Company Able to conduct more integrated refining and marketing business along with providing a more comprehensive experience and service to customers through a network of gas stations throughout the country. This will be able to create better returns for the shareholders of the Company. It also increases the skills, knowledge and competencies of employees to prepare them for the energy transition. which is an important strategy for the Company’s business operation for further long-term growth

SPRC is currently one of the leading producers of petroleum products in Thailand. And is a high-quality oil refinery operator in the Asia-Pacific region. Located in Map Ta Phut Industrial Estate, Rayong Province, we operate a sophisticated refinery. It has a crude oil refining capacity of 175,000 barrels per day. The Company’s products consist of liquefied petroleum gas. Special grade unleaded gasoline and normal grade jet fuel high speed diesel fuel and fuel oil

Chevron (Thai) Ltd., formerly known as Caltex Oil (Thai) Ltd., is a subsidiary of Chevron Corporation. Founded in 1948, Caltex has been providing quality fuels to Thai and commercial customers for over 74 years. and premium grade Gasohol unleaded gasoline Industrial fuel commercial fuel It also sells high-quality lubricants such as Delo engine oils for diesel engines. and havoline engine oils for gasoline engines including industrial lubricants