ENEOS Holdings will acquire American energy giant Chevron’s downstream fuels and lubricants businesses across several Asia-Pacific markets in a transaction valued at $2.17 billion.
In a statement on Thursday, the Japanese energy company said it signed share purchase agreements with subsidiaries of Chevron Corporation to wholly acquire Chevron’s downstream operations in Singapore, Malaysia, the Philippines, Australia, Vietnam, and Indonesia. The deal also includes Chevron Singapore Pte. Ltd.’s 50 percent non-operated stake in the Singapore Refining Company.
The transaction is set to close in 2027, subject to regulatory approvals and customary closing conditions.
According to ENEOS, the acquisition will be carried out through a Singapore-based special purpose vehicle (SPV) established by the company. The transaction covers Chevron Singapore Pte. Ltd., Chevron Malaysia Limited, Chevron Philippines Inc., Chevron Australia Downstream Holdings Pty Ltd, and PT Chevron Oil Products Indonesia, including lubricant operations in Vietnam.
Miyata Tomohide, CEO of ENEOS Holdings, said the acquisition is intended to strengthen the company’s business platform connecting Japan with Southeast Asia and Oceania, while expanding its fuels and trading operations across the region. ENEOS plans to preserve and further develop the Caltex brand, which has operated across Asia-Pacific markets for decades, he added.
Andy Walz, president of Chevron’s downstream, midstream and chemicals business, said the transaction reflects Chevron’s ongoing international portfolio management strategy. Walz said Chevron would support the transition process as the operations move under ENEOS ownership.
ENEOS noted that while petroleum demand in Japan is expected to continue declining, fuel demand in Southeast Asia is projected to grow. ENEOS said acquiring refinery and downstream assets in Southeast Asia and Australia would help the company capture regional demand growth and strengthen trading opportunities in key export markets.
According to ENEOS, the integration of the acquired assets with its existing operations in Japan is expected to optimize supply chains and support stable energy supply across the Asia-Pacific region over the medium to long term.
ENEOS’ operating profit in fiscal year 2025 (April 2025-March 2026) reached JPY466.6 billion ($2.95 billion), exceeding the forecast, partly due to the sharp increase in crude oil price in March caused by the tensions in the Middle East, the Japanese company affirmed.
Why fuel shocks are turning EV adoption into a policy and fiscal issue in Asia