Bangchak Corp said it will acquire Chevron’s Hong Kong fuel business for $270 million, as the Thai energy company accelerates its overseas expansion.

The Bangkok-based company agreed to buy 100 percent of Chevron Hong Kong Ltd, according to its Thai exchange filing. Chevron Hong Kong operates gas stations as well as industrial and marine fuel businesses in the territory, it said.

Bangchak has expanded its operations to Norway and the United Arab Emirates with investments in renewable energy and oil exploration, shifts away from its traditional refinery and gas stations businesses. The energy company in 2023 acquired a majority control of Exxon Mobil Corp’s Thai refinery and retail business for $644 million.

The latest deal represents Bangchak’s move to expand its presence across Asia Pacific, it said. Bangchak plans to use loans and cash to finance the acquisition.

The company’s 2025 net income rose 32 percent to 2.88 billion baht ($93 million), boosted by higher earnings from its refinery and power businesses, Bangchak reported after the market closed Thursday.