Eneos Holdings agreed to buy Chevron Corporation’s fuels and lubricants marketing businesses in six Asia-Pacific markets for $2.17 billion, reported Reuters. The purchase represents the first overseas refining asset for Japan’s largest energy company, giving the Japanese energy group a bigger presence in regions where fuel demand is still growing as consumption declines at home.
The deal includes Chevron’s operations in Singapore, Malaysia, the Philippines, Australia, Vietnam and Indonesia, as well as a 50% non-operated stake in the Singapore Refining Company held through Chevron Singapore Pte. Ltd. Eneos will complete the acquisition through a Singapore-based special purpose vehicle and expects the transaction to close in 2027, subject to regulatory approvals.
Under the agreement, Eneos will take full ownership of Chevron Singapore Pte. Ltd., including its interests in Chevron Lubricants Vietnam Ltd., alongside Chevron Malaysia Limited, Chevron Philippines Inc., Chevron Australia Downstream Holdings Pty Ltd and PT Chevron Oil Products Indonesia.
The acquisition is part of Eneos’ strategy to expand overseas as Japan’s fuel market contracts. The company said fuel demand in Southeast Asia is expected to continue growing, while Australia remains an important export market for Japanese fuel products.
Chevron had operated the Caltex brand in Asia-Pacific for more than 90 years.