Exxon Corp. has won approval of its proposed $500 million Thai refinery expansion and a related offer to divest 30% of its Thai downstream interests to the Thai government and public. The divestiture involves Esso Standard Thailand (EST), wholly owned subsidiary of Esso Eastern. The move is a break with Exxon's long policy of sole ownership and operating control of assets in Thailand, where the company or a forerunner has operated for 96 years. ESSO THAI ASSETS, STRATEGY The offer, under negotiations between EST and the Thai Industry Ministry, will give the Thai government and public access to EST assets that include ...

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