Japan’s Eneos leads bids for Chevron’s Singapore oil refinery stake: Sources
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The Singapore Refining Company is a joint venture between Singapore Petroleum Company, a subsidiary of PetroChina International (Singapore), and Chevron Singapore
PHOTO: ST FILE
- Eneos Holdings leads bids for Chevron's 50% stake in Singapore Refining Company, ahead of Glencore and Vitol.
- Chevron's sale continues a trend of global oil majors divesting from Singapore refineries after Shell's 2024 sale.
- Singapore refineries attract commodity firms seeking to reinvest profits and capitalise on Asia-Pacific demand growth.
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Japan’s Eneos Holdings is ahead of rival bidders for US heavyweight Chevron’s stake in a Singapore oil refinery, according to people familiar with the matter.
Other suitors for the 50 per cent stake in Singapore Refining Company include commodity giants Glencore and Vitol Group, the people said, asking not to be identified as they are not allowed to discuss the process. The deal is expected to be nearing a conclusion, they added, though the process could still see delays and is not yet certain.
Chevron’s planned sale marks the most recent Singapore divestment by a global oil major, after Shell sold its Bukom refinery in 2024 to a joint venture between Glencore and Indonesia’s PT Chandra Asri Pacific.
A Chevron representative for Asia did not respond to inquiries. Eneos, Glencore and Vitol declined to comment.
Refineries in Singapore, a hub for oil trading, pricing and shipping in the Asia-Pacific, represent an opportunity for firms looking to reinvest huge profits they have made from commodities into the region that accounts for most of the world’s demand growth. Some, like Glencore, have targeted downstream assets to profit from margins that can be captured from turning crude oil into consumable fuels.
Chevron invited non-binding bids for the stake earlier 2025.
SRC is a joint venture between Singapore Petroleum Company, a subsidiary of PetroChina International (Singapore), and Chevron Singapore. It operates a 290,000 barrels-a-day refinery location on Jurong Island, producing fuels and chemical feedstocks for domestic as well as export markets. BLOOMBERG
