Thailand’s top refiner Thai Oil Plc (TOP) will acquire 80.52 per cent stake in its units owned by Royal Dutch Shell for $120 million in parts of its drive to enter the solvents business, the company said on Monday.

Tai Oil said it has signed an agreement to buy a controlling 80.25 per cent stake in Chaisidhi Co., Ltd. (SAKC), a unit of Shell oversea investment, and its solvents businesses in Thailand and Vietnam.

The processes, expected to complete in December, will be done through its subsidiary set up for the project.

“The acquisition is in line with the company’s plan to expand sustainable business in both domestic and foreign markets,” the company said in its statement.

SACK operates a hydrocarbon solvents manufacturing plant in Rayong with capacity of over 80,000 tones per annum.

Its main businesses both in Thailand and Vietnam focus on supplying hydrocarbon solvents to the local markets.

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   [...] Thai Oil to buy Shell units for $120 million(SAKC), a unit of Shell oversea investment, and its solvents businesses in Thailand and Vietnam. The processes, expected to complete in December, will be done through its subsidiary set up for the project. … [...]

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