InvestHK welcomes Thai energy group Bangchak's long-term commitment to Hong Kong as its regional commercial and trading hub (with photo)
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In February 2026, Bangchak announced the full acquisition of Chevron Hong Kong Limited at US$270 million. Under this completed deal, effective on June 30, the company - which will be renamed Bangchak Hong Kong - is now the fuels licensee of Caltex in Hong Kong and operates 31 service stations in Hong Kong under the Caltex brand, alongside oil storage terminals, and industrial, marine and commercial fuel operations, running as "Caltex licensed by Bangchak".
Associate Director-General of Investment Promotion of InvestHK Mr Arnold Lau said, "We are delighted to welcome Bangchak, one of Asia's leading energy groups, as it makes Hong Kong the hub for its North Asia ambitions. Its decision testifies to Hong Kong's institutional trust, unparalleled connectivity, as well as world-class financial, logistics, and trading ecosystems. This is among the largest investments from Thailand, and one of the largest from the Association of Southeast Asian Nations (ASEAN), that we have seen in Hong Kong in recent years, demonstrating growing two-way trade and investment flows between Hong Kong and ASEAN."
The Group Chief Executive Officer and President, Bangchak Corporation Public Company Limited, Mr Chaiwat Kovavisarach, said, "Our investment in Hong Kong is a long-term commitment to a premier international energy market. Hong Kong is our gateway to North Asia, serving as the commercial and trading hub as we expand our retail, commercial, marine, aviation and trading businesses globally. We will preserve what has made the business successful while bringing the wider strengths of Bangchak to create shared opportunities for our employees, customers, suppliers and partners."
InvestHK provided comprehensive, end-to-end support to facilitate Bangchak's market entry. This included dedicated advisory on cross-border investment, seamless licensing fulfilment, and facilitation on talent deployment to support the group's regional expansion.
Bangchak is a leading Thai energy group established in 1984, operating in about 10 countries with a diversified portfolio spanning petroleum refining, fuel marketing and service stations, oil trading, upstream energy, power and infrastructure, and new businesses. Listed on the Stock Exchange of Thailand, the group runs two world-class refineries with a combined capacity of approximately 300 000 barrels per day.
The recent move in Hong Kong reflects Bangchak's intention to grow an established business in Hong Kong with experienced talent, trusted customer relationships and strategic infrastructure over the long term, while exploring opportunities to introduce bio-based and lower-carbon energy solutions to support the city's green economy goals.
For more information about Bangchak, please visit www.bangchak.co.th.
Ends/Friday, July 3, 2026
Issued at HKT 19:25
Issued at HKT 19:25
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