Japanese refiner Eneos Holdings has agreed to buy CHevron’s 50% stake in Singapore Refining Company (SRC), among other assets in Southeast Asia and Australia for nearly $2.2 billion (€1.8 billion).
This marks Eneos’ first step outside of Japan, as the country’s petroleum market is expected to continue to decline. Meanwhile, demand in Southeast Asia is expected to grow, supported by economic development in the region.
The deal is expected to close in 2027 and will include Chevron’s assets in Vietnam, Australia, Philippines and Malaysia. It comes as Chevron has been looking to divest refining and storage assets in Asia as it looks to streamline operations. ‘The agreement reflects Chevron’s disciplined approach to managing its international portfolio,’ Andy Walz, president of Chevron’s downstream, midstream and chemicals, told Reuters.
‘This investment represents a significant step in strengthening the business platform that connects Japan with Southeast Asia and Oceania, while bringing together the competitive strengths developed across each market to advance our group’s growth to the next stage,’ Eneos Holdings CEO, Miyata Tomohide, told Reuters.
