Two local companies will be taking over ExxonMobil’s Fiji operations and assets including all retail sites and terminals and all commercial arrangements.
Punja and Sons Pte Ltd and Gecko Trucking Ltd will be acquiring all Mobil Oil (Fiji) assets through a jointly owned vehicle Petro Oceania.
Mobil Oil (Fiji) CEO Narongkorn Charusakwong said: “We believe Petro Oceania can bring their market-back agility, their familiarity with local business context, and drive this business to its full potential”.
“Mobil will continue to stand behind Petro Oceania through the long-term supply agreements we have put in place to ensure Fiji retains a reliable supply of Mobil fuels,” Mr Charusakwong said.
Through these licence agreements ExxonMobil will continue to play a key role in Fiji — providing a reliable supply of Mobil quality fuels from their Singapore refinery and other locations.
“This business model change is very much aligned to our strategy, and we believe this model will play to the relative strengths of ExxonMobil as well as Petro Oceania,” Mr Charusakwong said.
“We believe that under this new operating model, both businesses will thrive and continue to deliver quality fuels to Fiji.”
The process is expected to take up to 12 months to ensure all conditions necessary for the transaction are completed.
In the meantime, Mobil Oil (Fiji) will continue to operate the business and customers are expected to remain unaffected through this.
