Eneos Holdings said on Thursday it will buy Chevron’s 50% stake in Singapore Refining Company (SRC) and other assets in Southeast Asia and Australia for $2.2 billion.
The deal – which includes Chevron’s assets in Vietnam, Australia, Philippines and Malaysia – is expected to close in 2027, Eneos said.
“This investment represents a significant step in strengthening the business platform that connects Japan with Southeast Asia and Oceania, while bringing together the competitive strengths developed across each market to advance our Group’s growth to the next stage,” said Eneos Holdings CEO Miyata Tomohide.
This is Eneos’ first foray into Asia’s refining business outside of Japan. The refiner operates nine refining complexes in Japan, including a joint venture with PetroChina.
The SRC stake sale marks the second major refinery deal in the Asia oil hub after Shell divested its landmark Bukom refining and petrochemical complex in 2024.
