Eneos Holdings Inc. announced on May 14 it will purchase Chevron Corp.'s refining and retail assets across the Asia-Pacific region for $2.17 billion in cash. [1, 2, 3] The transaction covers Chevron’s 50% stake in the Singapore Refining Company (SRC) and downstream fuel and lubricant marketing businesses in Singapore, Malaysia, Indonesia, the Philippines, Vietnam, Australia, and other Southeast Asian countries. [1, 4, 3]
Chevron currently operates over 450 Caltex-branded fuel stations in Malaysia. [2, 5] The Singapore refinery has a processing capacity of 290,000 barrels per day, and the Penjuru terminal and lubricant facility provide about 400,000 cubic meters of storage capacity, equivalent to 2.5 million barrels. [3]
Eneos operates nine refineries in Japan, including a joint venture with PetroChina, but this is its first refining investment outside Japan. [3] Eneos CEO Miyata Tomohide said, "This investment represents a significant step in strengthening the business platform that connects Japan with Southeast Asia and Oceania." He also called the acquisition a "key milestone" to deepen ties between these regions. [2, 5]
Chevron is divesting refining and storage assets in Asia to streamline its operations and reduce costs as part of a disciplined international portfolio management strategy, according to Chevron President Andy Walz. He said, "The agreement reflects Chevron’s disciplined approach to managing its international portfolio" and added the company will "fully support an orderly transition of the business" while expressing confidence in the Caltex brand’s success in the region. [3, 6]
The deal is expected to close in 2027 after regulatory approvals and customary closing conditions are met. [1, 3, 6]
