Chevron plans to close a deal to sell its oil refining and distribution assets in Singapore in the first quarter of the year as it engages in a final round of talks with Japanese refiner Eneos and Glencore, four sources with knowledge of the matter said.
The assets for sale include Chevron's stake in a refinery, a terminal and retail stations in Singapore, the sources said. Chevron is also looking to include retail stations in Cambodia and Malaysia in the deal, one of the sources said.
Together, these assets are valued at $1 billion or more, two of the sources added.
The sale is part of the U.S. major's plans to divest refining and storage assets in Asia as it restructures globally to streamline operations and reduce costs.
Chevron, Eneos and Glencore declined to comment.
Reuters has reported on the sale of the refinery stake previously but details of the other assets being offered are not publicly known.
Morgan Stanley, which has been appointed by Chevron to handle the sale of the SRC refinery stake and other assets in Asia, declined to comment.
Boston Consulting Group is advising Eneos on this deal, two sources said. BCG declined to comment on the matter.
Singapore Assets
Chevron has a 50% stake in Singapore Refining Co (SRC) with partner PetroChina holding the remaining stake through its Singapore Petroleum Co Ltd unit. SRC runs a 290,000 barrel per day refinery in Singapore.
The deal also include Chevron's Penjuru terminal which has more than 400,000 cubic meters of oil storage capacity, according to the company's website. Chevron blends and supplies transportation fuels, base oil, marine and finished lubricants from the terminal.
Retail gas stations under Chevron's Caltex brand in the region include some 420 outlets in Malaysia，26 in Singapore and 53 in Cambodia, its website showed.
Eneos, Glencore
Securing a fuel terminal and storage tanks at major fuel blending and bunkering hub Singapore will allow the buyer to have easy distribution access to southeast Asian import markets, analysts say.
Japan's largest refiner Eneos and global commodities trader Glencore, are looking to expand and boost their trading portfolio and volumes in this region, the sources said.
It will be the first refining asset for Eneos in Asia outside of Japan, if it succeeds in its bid.
The refiner operates nine refineries in Japan, including a joint-venture plant with PetroChina in Chiba, and over 12,000 retail stations locally.
"For base businesses, we are considering the expansion of our overseas fuel oil business through asset acquisition and are planning to expand jet fuel-related facilities to respond to the demand for inbound travel, which is growing every year," Eneos said in its 2025 report.
Glencore, which owns a refinery and distribution network in South Africa under its subsidiary Astron Energy, expanded its refining presence after buying Bukom refinery in Singapore through a joint-venture with Indonesia's Chandra Asri.
(Reuters - Reporting by Trixie Yap, Yantoultra Ngui and Chen Aizhu in Singapore; additional reporting by Yuka Obayashi in Tokyo; Editing by Florence Tan and Raju Gopalakrishnan)
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