US major Exxon Mobil said it will exit Thailand's downstream oil business, while its US peer Chevron is consolidating its downstream presence in Thailand-Southeast Asia's largest reoning center with a capacity of 1.24 million barrels per day. Exxon Mobil said it will sell its 65.99% interest in Esso Thailand, which owns the 174,000 b/d Sriracha reonery, to government-backed reoner Bangchak Co. The news follows Chevron's December announcement that it is consolidating its downstream activities in the country with the sale of its retail fuel business to Star Petroleum Reoning Co. (SPRC), in which Chevron holds a 60.56% stake.
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