ENEOS buys Chevron downstream assets for $2.2 billion

TOKYO, May 14, 2026 – Japan’s ENEOS Holdings has agreed to acquire Chevron’s downstream fuels and lubricants marketing businesses in Singapore, Malaysia, the Philippines, Australia, Vietnam and Indonesia for USD 2.17 billion, Eneos announced on Thursday.

The deal covers Chevron’s 50% non-operated interest in Singapore Refining Company and assets including Chevron Singapore, Chevron Malaysia, Chevron Philippines, Chevron Australia Downstream Holdings and PT Chevron Oil Products Indonesia. The transaction is expected to close in 2027.

“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,” said Miyata Tomohide, representative director and CEO of ENEOS Holdings.

The company said the acquisition would support its portfolio restructuring strategy and strengthen businesses capable of early monetisation. The export-oriented assets will allow the company to serve growing demand in Southeast Asia for petroleum and derivative products, as well as strengthen its trading opportunities with Australia.

ENEOS is a Tokyo-headquartered energy and petroleum company with activities in refining, petrochemicals, gas importation and sales, and the supply of electricity and hydrogen. The company is listed on the Tokyo Stock Exchange.

Photo courtesy of Singapore Refining Company

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