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Eneos to Acquire Chevon Southeast Asia Business for $2.2 Billion, Reports Lower Sales in 2025

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Japan-based Eneos will acquire several downstream businesses in Southeast Asia and Australia from Chevron (CVX) for $2.17 billion, it said on Thursday, transactions that will occur through share purchase agreements.

Separately, in its earnings report published on Thursday, the company said it was diversifying away from crude supplies that usually transit through the shuttered Strait of Hormuz and is expanding its very large crude carrier fleet to this end.

The acquisition deal involves the acquisition of 100% of Chevron's downstream fuels and lubricants marketing businesses in Singapore, Malaysia, the Philippines, Australia, Vietnam and Indonesia, which includes a 50% non-operated interest in Singapore Refining.

The deal is expected to close at some point during 2027 subject to regulatory approvals.

In its earnings report, showing increased profit margins despite smaller revenue, Eneos said 2025 liquid petroleum product sales were 43.1 million liters, down from 44.4 million in 2024. Its forecasts sales of 41.5 million liters in 2026.

Crude oil sales were unchanged in 2025 from the prior year at 95,000 barrels per day, while for 2026 they are expected to fall to 89,000 barrels.

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