ENEOS to acquire Chevron downstream assets across Asia-Pacific
Deal includes the downstream fuels and lubricants businesses in Singapore, Malaysia, the Philippines, Australia, Vietnam and Indonesia.
Japanese energy major ENEOS Holdings has signed an agreement with Chevron to acquire the US company's downstream fuels and lubricants marketing businesses across six Asia-Pacific markets: Singapore, Malaysia, the Philippines, Australia, Vietnam and Indonesia.
The deal, valued at JPY 336 billion (approximately $2.17 billion), also includes Chevron Singapore Pte. 50% non-operated interest in the Singapore Refining Company. The transaction is expected to close in 2027, pending regulatory approvals.
"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.
The acquisition will be executed through a Singapore-based special purpose vehicle and covers equity interests in Chevron's downstream subsidiaries across all six markets.
ENEOS has framed the deal as a direct response to diverging demand trends: while petroleum consumption in Japan continues to fall, Southeast Asian markets are forecast to grow. The company says integrating the acquired assets with its existing Japanese operations will allow it to optimize supply chains and capture regional demand growth, particularly in Australia, which it describes as a key export market for Japan.
"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."
For ENEOS, the transaction forms part of its Fourth Medium-Term Management Plan, which prioritizes portfolio restructuring through targeted M&A in overseas fuels businesses capable of early monetization. Founded in 1888, the group is Japan's largest energy company, with operations spanning upstream exploration to downstream retail.
