Asia/Pacific News
ENEOS to Acquire Chevron's 50% Stake in Singapore Refining Company
Japanese energy company ENEOS Holdings has agreed to acquire US oil major Chevron's 50% non-operated stake in Singapore Refining Company.
The acquisition forms part of a $2.17 billion deal covering downstream fuels and lubricants businesses across Southeast Asia and Australia, Eneos said in a press release on Thursday.
Singapore Refining Company is located on Jurong Island and has a capacity of processing 290,000 bbls/day of crude oil.
The refinery produces a wide range of products, including bunker fuels, according to its website.
The wider acquisition includes Chevron’s downstream operations in Singapore, Malaysia, the Philippines, Australia, Vietnam and Indonesia.
ENEOS said the transaction will be carried out through a special purpose vehicle established in Singapore.
Under the agreement, the company will acquire full ownership of Chevron Singapore Pte. Ltd., Chevron Malaysia Limited, Chevron Philippines Inc., Chevron Australia Downstream Holdings Pty and PT Chevron Oil Products Indonesia.
Chevron Singapore was among the list of Top 10 Bunker Suppliers in Singapore.
The deal is expected to close in 2027, subject to regulatory approvals and customary closing conditions.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 963.00 | 26.00 | 1351.50 | 10.50 |
| Rotterdam | 766.00 | 3.00 | 1446.00 | 11.50 |
| Houston | 817.00 | 11.50 | 1421.00 | 1.00 |
| Fujairah | 981.00 | 12.00 | 1768.50 | 17.50 |
| APAC Average | 1029.50 | 32.00 | 1478.50 | 13.50 |
| Global 20 Ports Average | 929.50 | 10.50 | 1565.00 | 13.00 |
| Global 4 Ports Average | 882.00 | 13.50 | 1496.50 | 9.50 |
| Global Average Bunker Price | 978.50 | 20.00 | 1616.50 | 18.50 |
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