Chevron is in the final stages of selling its Singapore oil refining and distribution assets. The deal is expected to close in the first quarter of 2026. The assets are valued at $1 billion or more. Chevron executes this sale to streamline global operations and reduce costs.
Japanese refiner Eneos and commodity trader Glencore are in final talks to acquire the assets. The package includes Chevron’s 50% stake in the Singapore Refining Co (SRC). SRC processes 290,000 barrels per day. The sale also features the Penjuru oil storage terminal and retail stations in Singapore. Sources indicate the deal may also include retail stations in Malaysia and Cambodia.
This divestment aligns with Chevron's ongoing efforts to sell refining and storage assets across Asia. Chevron has not officially commented on the commercial matter.