Japanese Refiner Eneos to Acquire Chevron's Asia-Pacific Assets for $2.17 Billion

Deep News12:22

Japanese refining company Eneos Holdings Inc. has agreed to acquire a portion of Chevron's refining and retail assets in the Asia-Pacific region for $2.17 billion, significantly expanding its operational footprint in the area.

According to a statement from the Tokyo-listed firm, the acquired assets include Chevron's 50% stake in a Singapore refinery, as well as other assets in Singapore, Malaysia, the Philippines, Australia, and Indonesia. Eneos is Japan's largest refiner, operating crude oil processing plants and fuel retail networks across the country.

This transaction marks the first time Eneos will hold a stake in a refinery outside Japan and strengthens its influence in Singapore, a key hub for Asian oil trading and supply.

Earlier this year, Chevron agreed to sell its Hong Kong fuel business to Bangchak Corp. for $270 million. Other major oil companies, including ExxonMobil, have also been divesting assets in Southeast Asia in recent years.

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