Chevron is in final negotiations to sell its 50% stake in the Singapore Refining Company to Japan’s ENEOS Holdings. The refinery asset is valued at approximately $1 billion.
The transaction could be finalized as early as this quarter. Chevron is divesting the stake to refocus capital on higher-return growth opportunities.
The deal may expand to include the Penjuru storage terminal and Caltex fuel stations in Singapore, Malaysia, and Cambodia. Including these additional assets would bring the total transaction value to over $2 billion.
ENEOS emerged as the final bidder for the portfolio. Glencore and Vitol had previously expressed interest in the assets.