Chevron plans to finalise Singapore oil assets sale in Q1: Sources

SINGAPORE - 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 US$1 billion (S$1.28 billion) or more, two of the sources added.

The sale is part of the US 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, appointed by Chevron to handle the sale of the stake in Singapore Refining Company (SRC) and other assets in Asia, declined to comment.

Boston Consulting Group (BCG) is advising ENEOS on this deal, two sources said. BCG declined to comment on the matter.

Singapore assets

Chevron has a 50 per cent stake in SRC, with partner PetroChina holding the remaining stake through its Singapore Petroleum Company unit. SRC runs a 290,000 barrels per day refinery here.

The deal also includes Chevron’s Penjuru terminal, which has more than 400,000 cubic metres of oil storage capacity, according to the company’s website. Chevron blends and supplies transport fuels, base oil, and 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 South-east 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 more than 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