Chevron to sell some Asia-Pacific assets to Eneos for $2.17B

ENEOS Holdings (JXHLY) announced that it has entered into Share Purchase Agreements with various indirect subsidiaries of Chevron Corporation (CVX) to acquire 100% of Chevron’s downstream fuels and lubricants marketing businesses in Singapore, Malaysia, the Philippines, Australia, Vietnam and Indonesia, which includes Chevron Singapore Pte. Ltd.’s 50% non-operated interest in the Singapore Refining Company. The transaction will be implemented through a special purpose vehicle established in Singapore by ENEOS Holdings. Through the SPV, ENEOS Holdings will acquire 100% of the equity interests in Chevron Singapore Pte. Ltd., including its interests in SRC and Chevron Lubricants Vietnam Ltd., Chevron Malaysia Limited, Chevron Philippines Inc., Chevron Australia Downstream Holdings Pty Ltd, and PT Chevron Oil Products Indonesia. The total acquisition price is $2.17B. The parties expect the transaction to close in calendar year 2027, subject to customary regulatory approvals and closing conditions.