Japan's ENEOS to buy Chevron Asia-Pacific units for $2.17 bn

22 May '26

2 min read

Japan's ENEOS to buy Chevron Asia-Pacific units for $2.17 bn

(L-R) Tomohide Miyata, Representative Director & CEO, ENEOS Holdings with AndyWalz, President of Chevron's Downstream, Midstream and Chemicals. Pic: ENEOS Holdings Inc

Insights

ENEOS Holdings will acquire Chevron's downstream fuels and lubricants marketing businesses in Singapore, Malaysia, the Philippines, Australia, Vietnam and Indonesia for $2.17 billion.
The deal includes a 50 per cent stake in Singapore Refining Company and is expected to close in 2027, strengthening ENEOS' Asia-Pacific platform and fuel products business.

ENEOS Holdings, Inc. (“ENEOS Holdings”) announced that it has entered into Share Purchase Agreements (“SPAs”) with various indirect subsidiaries of Chevron Corporation (“Chevron”) to acquire 100% of Chevron’s downstream fuels and lubricants marketing businesses in Singapore, Malaysia, the Philippines, Australia, Vietnam and Indonesia, which includes Chevron Singapore Pte. Ltd.’s 50% non-operated interest in the Singapore Refining Company (“SRC”).

The transaction will be implemented through a special purpose vehicle (SPV) established in Singapore by ENEOS Holdings. Through the SPV, ENEOS Holdings will acquire 100% of the equity interests in Chevron Singapore Pte. Ltd. (including its interests in SRC and Chevron Lubricants Vietnam Ltd.), Chevron Malaysia Limited, Chevron Philippines Inc., Chevron Australia Downstream Holdings Pty Ltd, and PT Chevron Oil Products Indonesia. The total acquisition price(?1 is US$2,170 million (approximately JPY 336 billion). The parties expect the transaction to close in calendar year 2027, subject to customary regulatory approvals and closing conditions.

“The Caltex brand, built and nurtured by Chevron over many decades, is an exceptionally important business asset, and we are fully committed not only to preserving its value, but to elevating it further” said Miyata Tomohide, Representative Director, CEO of ENEOS Holdings. “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. Looking ahead, we will draw fully on the expertise, networks, and business foundations cultivated in each market to further enhance our fuel products business and trading capabilities, and to deliver sustainable growth and long-term corporate value with steady execution.”

“Today’s agreement reflects Chevron’s disciplined approach to managing our international portfolio,” said Andy Walz, President of Chevron’s Downstream, Midstream and Chemicals. “We are proud of what our people have built over 90 years of serving customers and supporting communities across the Asia Pacific region through the trusted Caltex brand. Chevron is committed to supporting an orderly transition as our teams prepare to join ENEOS, a valued partner with whom we have a long-standing commercial relationship and strong confidence in the continued success of the Caltex brand across the region.