Petroleum company Esso Thailand is ending its 129 years of operation in the country after being acquired by state oil firm Bangchak Corporation Pcl.

Esso Thailand announced its exit from the industry on August 28, stating that their products will no longer be available after August 31.

The announcement comes following Bangchak's 22.606 billion THB acquisition of a majority 65.99 per cent stake in Esso from ExxonMobil Asia Holdings Pte earlier in January.

Bangchak said it will buy out the remaining 34.01 per cent of shares worth 11.65 billion THB via a tender offer, with the purchase scheduled between September to October this year.

All Esso stations will be re-branded to Bangchak stations in two years.

Bangchak president Chaiwat Kovavisarach said: 'This acquisition marks a significant stride towards bolstering energy security while aligning with our long-term strategy for sustainable and affordable energy. I believe this transaction heralds the commencement of a new and promising chapter for both BCP and Thailand.'

Esso Thailand has been running in Thailand since 1894 before it stated it was ceasing operations.