Eneos Holdings announced Thursday it will buy Chevron’s 50 percent stake in Singapore Refining Company along with other Southeast Asian and Australian assets for nearly $2.2 billion. The transaction marks the Japanese firm’s first refining venture outside Japan and is slated to close in 2027.
The deal covers Chevron’s holdings in Singapore, Vietnam, Australia, the Philippines and Malaysia. It includes a 290,000-barrel-per-day refinery operated by Singapore Refining Company and the Penjuru terminal with roughly 400,000 cubic meters of storage capacity. The other half of Singapore Refining Company is already owned by PetroChina through its Singapore Petroleum Co. subsidiary.
Eneos chief executive Tomohide Miyata said the purchase strengthens ties between Japan and the wider region. “This investment represents a significant step in strengthening the business platform that connects Japan with Southeast Asia and Oceania,” he stated. Chevron downstream president Andy Walz described the sale as part of a disciplined portfolio review.
The announcement follows Shell’s 2024 divestment of its Bukom complex and forms part of Eneos’s broader plan to lift overseas sales above 50 percent of total revenue by fiscal 2030 through additional acquisitions.
