Chevron to Sell Some Asia-Pacific Assets to Japan's Eneos for $2.17 Billion

By Megan Cheah

Chevron has agreed to sell several Asia-Pacific refining and retail assets to Japan's Eneos for $2.17 billion, as it continues to streamline its international portfolio.

Eneos, one of Japan's largest energy companies, will buy Chevron's downstream fuels and lubricants marketing businesses in Singapore, Malaysia, the Philippines, Australia, Vietnam and Indonesia, it said Thursday.

This includes Chevron Singapore's 50% interest in the Singapore Refining Co., which operates a refinery on Jurong Island in the city-state. The remaining 50% stake is indirectly held by Chinese oil major PetroChina.

A Chevron spokesperson said that the change in the portfolio was "in response to changing market dynamics and its disciplined approach to capital allocation, aimed at strengthening long-term competitiveness across its global portfolio."

Chevron moved to sell its Hong Kong fuel business to Thai energy firm Bangchak in February.

Eneos, which has about half of Japan's petroleum market share, noted that demand for petroleum in Japan is falling, while demand in Southeast Asia is expected to grow.

The deal to buy Chevron's assets, including the Caltex brand in these markets, would help Eneos capture this growth in demand, the Tokyo-based company said.

The deal, slated to close in 2027, would also boost its trading opportunities in Australia, which is a key export market for Japan, said Eneos.

Eneos has 11 oil and petrochemical production and manufacturing sites in Japan, as of March 2025.

Write to Megan Cheah at megan.cheah@wsj.com

(END) Dow Jones Newswires

May 14, 2026 03:48 ET (07:48 GMT)