Chevron to Finalize Singapore Oil Assets Sale in Q1: Sources

• Assets include Chevron's 50% stake in Singapore Refining Co (290,000 bpd capacity), Penjuru terminal with 400,000+ cubic meters storage capacity, and approximately 500 Caltex retail stations across three countries
• Japanese refiner Eneos (operating 9 refineries in Japan) seeks its first Asian refining asset outside Japan, while Glencore aims to expand its regional trading portfolio after acquiring Singapore's Bukom refinery
• The deal provides strategic access to Singapore's major fuel blending and bunkering hub, enabling easy distribution to Southeast Asian import markets as part of Chevron's global cost-reduction and restructuring efforts

Chevron Singapore Oil Assets Sale Summary

Key Transaction Details:

Chevron is set to finalize the sale of its oil refining and distribution assets in Singapore during Q1 2025, with the deal valued at $1 billion or more. The U.S. energy major has entered final-round negotiations with Japanese refiner Eneos and commodities trader Glencore.

Assets Included:

• 50% stake in Singapore Refining Co (SRC), which operates a 290,000 barrel-per-day refinery (partner PetroChina holds remaining 50%)
• Penjuru terminal with over 400,000 cubic meters of oil storage capacity
• Retail stations under the Caltex brand: 26 in Singapore, 53 in Cambodia, and potentially outlets in Malaysia (approximately 420 total regional outlets)

Strategic Context:

The divestment is part of Chevron's broader Asia restructuring plan to streamline operations and reduce costs. Morgan Stanley is handling the sale, while Boston Consulting Group is advising Eneos.

Buyer Motivations:

Both potential buyers seek to expand their Asian trading portfolios. For Eneos, Japan's largest refiner with nine domestic refineries and 12,000 retail stations, this would mark its first Asian refining asset outside Japan. Glencore, which recently acquired Singapore's Bukom refinery through a joint venture, would further strengthen its regional presence.

Market Implications:

Securing these assets in Singapore—a major fuel blending and bunkering hub—provides strategic distribution access to Southeast Asian import markets. The deal reflects ongoing consolidation in Asia's downstream energy sector as international oil majors divest non-core assets while regional and trading companies expand their footprints.