Key Moments
- Chevron is in final talks with Eneos and Glencore to sell Singapore refining and distribution assets.
- The package includes Chevron’s SRC refinery stake, the Penjuru terminal, and regional Caltex retail networks. The deal could exceed $1 billion.
- The sale is part of Chevron’s broader plan to divest Asian refining and storage assets to streamline operations and cut costs.
Deal Nears Final Stage
Chevron aims to finalize a deal to sell its Singapore refining and fuel distribution assets in the first quarter, according to four sources. The company is in final talks with Japan’s Eneos and commodities trader Glencore.
The package includes Chevron’s stake in a Singapore refinery, a storage terminal, and fuel stations. Chevron may also include retail sites in Cambodia and Malaysia.
Two sources said the combined assets could be worth $1 billion or more.
This move fits Chevron’s strategy to sell refining and storage assets in Asia. The company is restructuring to simplify its footprint and lower costs.
Chevron, Eneos, and Glencore declined to comment.
Reuters previously reported on the refinery stake sale, but the additional assets have not been publicly confirmed.
Advisers and Transaction Structure
Morgan Stanley is managing the sale of Chevron’s stake in Singapore Refining Co (SRC) and other Asian assets. The bank declined to comment.
Boston Consulting Group is advising Eneos, according to two sources. BCG also declined to comment.
Breakdown of Singapore and Regional Assets
Chevron owns 50% of Singapore Refining Co (SRC). PetroChina owns the other 50%. SRC runs a refinery with a capacity of 290,000 barrels per day.
The sale also covers the Penjuru terminal. It holds over 400,000 cubic meters of storage. Chevron uses it to blend and distribute fuels and lubricants.
Chevron’s Caltex retail network includes about 420 stations in Malaysia, 26 in Singapore, and 53 in Cambodia.
| Asset Category | Location | Details |
|---|---|---|
| Refinery (SRC) | Singapore | 50% Chevron stake; 290,000 barrels/day capacity |
| Terminal | Penjuru, Singapore | Over 400,000 cubic meters of storage |
| Retail Stations (Caltex) | Malaysia | About 420 outlets |
| Retail Stations (Caltex) | Singapore | 26 outlets |
| Retail Stations (Caltex) | Cambodia | 53 outlets |
Strategic Appeal for Eneos and Glencore
The assets would give buyers strong access to Singapore’s fuel blending and bunkering market. This would help expand distribution into Southeast Asia.
Eneos and Glencore want to grow their trading portfolios and increase volumes in the region.
If Eneos wins, it would gain its first refinery outside Japan.
Eneos currently operates nine refineries in Japan and runs over 12,000 domestic retail stations.
In its 2025 report, Eneos said it plans to expand its overseas fuel business and jet fuel facilities to meet rising inbound travel demand.
Glencore already has refining and distribution operations in South Africa. It also expanded in Singapore after buying the Bukom refinery via a joint venture with Indonesia’s Chandra Asri.
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