Chevron Corp agreed to sell its 50% stake in Singapore Refining Company to Eneos Holdings. The $2.2 billion deal includes downstream assets in Australia, Malaysia, the Philippines, and Vietnam. The transaction is expected to be finalized in 2027 pending regulatory approvals.
Chevron is divesting these assets to streamline its international portfolio. This acquisition marks the first foray into international refining for Eneos, Japan's largest refiner. The company aims to capitalize on growing energy demand across Southeast Asia. This expansion offsets the forecast for declining fuel demand within Japan.