Chevron sells assets to Japanese multinational energy company

US energy giant and owner of the Texaco lubricant brand, Chevron, has sold downstream assets to ENEOS Holdings in the Asia-Pacific region.

The Japanese petroleum and metals conglomerate has signed the contract as part of an effort to expand its downstream presence in the market.

Under the agreement, ENEOS has acquired multiple Chevron businesses based in Australia and Southeast Asia. The deal, valued at approximately $2.17 billion, will let the company bolster its current regional presence in sectors like fuels, refining and lubrication.

The contract encompasses 100 per cent of Chevron’s lubricant and fuel marketing operations in locations like Singapore, the Philippines, Malaysia, Australia, Indonesia and Vietnam. The transaction also includes Chevron’s 50 per cent non-operating stake in the Singapore Refining Company, a key refining facility in the Asia-Pacific energy market.

The new agreement will now be completed via a special purpose vehicle produced by the Singapore arm of ENEOS Holdings and finalisation is expected in 2027, after all required regulatory approvals have been secured.

The Japanese multinational explained that the acquisition was part of a portfolio reorganisation and global expansion strategy aimed at markets where growth potential exists for fuel demand.

According to CEO for ENEOS, Miyata Tomohide, the move will combine the company’s marketing and refining expertise with Chevron’s 90-year business development in the Asia-Pacific region.

Commenting on the sale, Chevron said that the transaction was designed to optimise its international portfolio and was part of an ongoing global asset management strategy.

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