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Eneos to Acquire Chevron's Asia-Pacific Assets for $2.17 Billion

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Eneos to Acquire Chevron's Asia-Pacific Assets for $2.17 Billion

Japanese refiner Eneos Holdings (TYO:5020) agreed to acquire Chevron's downstream fuels and lubricants businesses across six Asia-Pacific markets for $2.17 billion, marking one of its largest overseas expansion moves in recent years.

The company said it signed share purchase agreements to buy Chevron's operations in Singapore, Malaysia, the Philippines, Australia, Vietnam and Indonesia, including a 50% non-operated stake in Singapore Refining Company. The transaction is expected to close in 2027, subject to regulatory approvals.

Under the deal, Eneos will acquire the businesses through a Singapore-based special purpose vehicle. The assets include the Caltex fuels and lubricants brand network across the region, which Chevron has operated for decades.

"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," Eneos CEO Tomohide Miyata said in a statement.

The move comes as energy companies accelerate overseas expansion to offset a shrinking domestic market and secure supply chains across the Asia-Pacific. In February, Thailand's Bangchak Corp. agreed to acquire Chevron's Hong Kong fuel business for $270 million as part of its regional expansion strategy.

Eneos has also been navigating heightened geopolitical risks tied to Middle East crude supplies. Reuters reported earlier that an Eneos-managed tanker carrying Kuwaiti and UAE crude recently passed through the Strait of Hormuz after disruptions linked to the U.S.-Israel conflict with Iran.

Japan relies heavily on Middle Eastern crude imports, and refiners, including ENEOS, have sought alternative supply sources while the government works to stabilize domestic fuel markets through subsidies and diplomatic efforts. The Chevron deal underscores Eneos' push to build a broader overseas earnings base and deepen its presence in faster-growing fuel markets.

Eneos' shares fell nearly 3% in recent trade in Tokyo.

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