HCM CITY — Shell’s solvent business in Viet Nam had been handed over to TOP Solvent Co Ltd, a subsidiary of Thaioil Group, after the assets purchase agreements were signed between Thaioil and Shell in October 2008, TOP Solvent announced on Wednesday.
“Thaioil’s expansion into solvents is in line with the company’s business strategy to strengthen its long-term growth and establish a presence in the international markets,” said Surong Bulkul, CEO of Thai Oil Public Co Ltd.
He said in 2008 Thaioil branched into a retail trading segment by acquiring solvent operations both in Viet Nam and Thailand from the Shell group.
Thaioil has established TOP Solvent Co, acquiring 80.5 per cent of shares from Sak Chaisidhi Co and its distribution business in Thailand to operate solvents businesses in Thailand and Viet Nam.
“Our focus is on expanding the refining operation that is linked to petrochemical production and directly to end-users,” Surong said.
TOP Solvent offers a wide range of solvent products as well as chemical solvents for various uses, including the manufacturing of coatings, thinners, resins, inks, adhesives, electronics, cleaning agents and petrochemicals, with a market share of 30 per cent in Thailand. — VNS