Japan’s Eneos Holdings has emerged as the front‑runner among bidders for Chevron’s 50% ownership of the Singapore Refining Company (SRC), a 290,000‑barrel‑per‑day refinery on Jurong Island that is valued at roughly $1 billion. The bid is described as “nearing completion,” though the parties acknowledge that regulatory approvals and final pricing could introduce delays.
SRC’s other 50% stake is held by PetroChina through its Singapore Petroleum unit, and the refinery is one of three major facilities that supply fuels and petrochemical feedstocks to Singapore’s dense market. The transaction would give Eneos a foothold in a key Southeast Asian refining hub, while Chevron would receive a cash infusion and a strategic exit from a lower‑margin, non‑core asset.
Chevron’s divestment aligns with its broader portfolio‑optimization plan, which targets $10‑$15 billion of asset sales by 2028. The Singapore refinery, with its modest margins and exposure to a highly competitive regional market, fits the profile of assets Chevron is shedding to focus on upstream and offshore projects that promise higher returns.
Eneos, which has been expanding its fuel‑oil and LNG businesses in the Asia‑Pacific, sees the SRC stake as a way to deepen its presence in a world‑class trading and refining center. The company’s medium‑term strategy emphasizes portfolio restructuring and investment in high‑return ventures, and acquiring a stake in SRC would complement its existing operations in the region.
Other interested parties include commodity traders Vitol and Glencore, underscoring the refinery’s attractiveness to firms looking to capture downstream margins. While the final deal price for Chevron’s 50% stake has not been disclosed, the overall refinery valuation of about $1 billion suggests a substantial transaction that could reshape the competitive landscape in Singapore’s refining sector.
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