Japan-based ENEOS has signed a deal worth $2.17bn (Y336bn) to acquire certain downstream fuel and lubricants businesses in Asia-Pacific (APAC) from Chevron.
The assets involved in the deal are in Australia, Indonesia, Malaysia, the Philippines, Singapore and Vietnam
Through the deal, ENEOS will acquire Chevron Singapore’s 50% interest in the Singapore Refining Company and 100% of multiple Chevron subsidiaries. ENEOS will conduct the purchase through a Singapore-based special purpose vehicle. This entity will assume full equity in Chevron Singapore (inclusive of its interests in the Singapore Refining Company and Chevron Lubricants Vietnam), Chevron Malaysia, Chevron Philippines, Chevron Australia Downstream and Chevron Oil Products Indonesia.
The transaction is expected to close in 2027, pending regulatory clearance and the satisfaction of standard closing conditions. ENEOS representative director and CEO Miyata Tomohide said: “The Caltex brand, built and nurtured by Chevron over many decades, is an exceptionally important business asset, and we are fully committed not only to preserving its value but to elevating it further. “This investment represents a significant step in strengthening the business platform that connects Japan with South East Asia and Oceania, while bringing together the competitive strengths developed across each market to advance our Group’s growth to the next stage. “Looking ahead, we will draw fully on the expertise, networks and business foundations cultivated in each market to further enhance our fuel products business and trading capabilities, and to deliver sustainable growth and long-term corporate value with steady execution.” ENEOS stated that this acquisition is a step towards portfolio reorganisation under its Fourth Medium-Term Management Plan. The company is looking to focus on overseas fuel operations with potential for early monetisation.