Chevron to Sell Asia-Pacific Downstream Units to ENEOS for $2.17 Billion
ENEOS has agreed to purchase Chevron’s downstream fuels and lubricants operations in Australia, Indonesia, Malaysia, the Philippines, Singapore and Vietnam for $2.17 billion. The deal includes Chevron Singapore’s 50% interest in the Singapore Refining Company and multiple Chevron subsidiaries, and is set to close in 2027 upon regulatory approval.
1. Deal Overview
ENEOS will acquire Chevron’s downstream fuels and lubricants businesses across six Asia-Pacific markets—Australia, Indonesia, Malaysia, the Philippines, Singapore and Vietnam—in a transaction valued at $2.17 billion.
2. Assets Included
The acquisition covers Chevron Singapore’s 50% stake in the Singapore Refining Company, full equity in Chevron Lubricants Vietnam, Chevron Malaysia, Chevron Philippines, Chevron Australia Downstream and Chevron Oil Products Indonesia.
3. Timeline and Conditions
The transaction is expected to complete in 2027, subject to customary regulatory clearances and closing conditions, with ENEOS executing the purchase via a Singapore-based special purpose vehicle.
4. Strategic Impact
Chevron will redeploy proceeds to strengthen its core upstream portfolio, while ENEOS aims to optimize its APAC supply chain and leverage the Caltex brand to drive growth in Southeast Asian fuel markets.