Thailand’s Bangchak fuels North Asia push with HK$2.1b Caltex petrol stations deal

One of Thailand’s largest energy conglomerates has bought Caltex petrol stations in Hong Kong in a HK$2.1 billion (US$270 million) deal, which the firm will use as a springboard into North Asia.Semi-privatised Bangchak Corporation Public Company on Tuesday completed the acquisition of 100 per cent of the shares of Chevron Hong Kong from Chevron Companies (China), according to a Bangchak statement.A source told the South China Morning Post that the sale was driven by a combination of factors, including declining fuel demand, the growing popularity of electric vehicles, a rising trend of Hong Kong motorists refuelling across the border and strong competition from mainland Chinese rivals in the city.