ENEOS to acquire Chevron's Asia-Pacific downstream assets for $2.17 billion

ENEOS Holdings Inc. announced it has entered into share purchase agreements to acquire Chevron Corporation's downstream fuels and lubricants marketing businesses across six Asia-Pacific countries for $2.17 billion.

The transaction includes Chevron's operations in Singapore, Malaysia, the Philippines, Australia, Vietnam and Indonesia. ENEOS will acquire 100% of the equity interests in Chevron Singapore Pte. Ltd., which includes a 50% non-operated interest in Singapore Refining Company, along with Chevron Malaysia Limited, Chevron Philippines Inc., Chevron Australia Downstream Holdings Pty Ltd, and PT Chevron Oil Products Indonesia.

The acquisition will be implemented through a special purpose vehicle established in Singapore by ENEOS Holdings. The total purchase price equals approximately 336 billion yen at current exchange rates.

The parties expect the transaction to close in calendar year 2027, subject to customary regulatory approvals and closing conditions. The deal includes the Caltex brand operations that Chevron has operated in the region for approximately 90 years.

"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 Tomohide Miyata, Representative Director and CEO of ENEOS Holdings.

Andy Walz, President of Chevron's Downstream, Midstream and Chemicals, stated the agreement reflects "Chevron's disciplined approach to managing our international portfolio."

ENEOS Holdings (TSE: 5020) described the acquisition as part of its Fourth Medium-Term Management Plan's portfolio restructuring strategy, aimed at strengthening overseas fuels businesses in markets where petroleum demand is expected to grow.

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