TOKYO: Japanese refiner Eneos Holdings Inc agreed to purchase some of Chevron Corp’s refining and retail assets across the Asia-Pacific for US$2.17bil, significantly expanding its footprint across the region.
The deal includes Chevron’s 50% stake in an oil refinery in Singapore, along with other retail fuel and lubricant marketing businesses in the city-state, Malaysia, Indonesia, the Philippines, Australia and Vietnam, according to a statement from Eneos. The transaction is expected to close in 2027.
“While petroleum demand in Japan is expected to continue declining over the medium to long term, demand in South-East Asia is expected to grow, supported by economic development in the region,” the Tokyo-listed company said.
Bloomberg News reported last month that Eneos was the final bidder for the assets.
The deal gives Eneos, Japan’s biggest refiner, its first stake in a refinery outside of the country, and a stronger presence in Asia’s oil-trading and supply hub of Singapore. The group has been expanding its trading team in the city-state to handle more paper-market instruments, including derivatives.
“Chevron is committed to supporting an orderly transition,” said Andy Walz, the president of the company’s downstream, midstream and chemicals. — Bloomberg
