Japan’s Eneos buying out Chevron’s fuel business

MANILA, Philippines —  Japanese oil giant Eneos Holdings Inc. is taking over US-based Chevron Corp.’s downstream fuel and lubricant business in the Philippines and across Asia-Pacific for $2.17 billion (about P133.6 billion).

Eneos has signed share purchase deals with various indirect subsidiaries of Chevron to acquire 100 percent of the latter’s downstream operations in the Philippines, Singapore, Malaysia, Vietnam, Australia and Indonesia.

The agreement also includes Chevron Singapore Pte. Ltd.’s 50-percent non-operating interest in the Singapore Refining Co., which operates an oil refinery on Jurong Island.

The transaction, to be carried out via a special purpose vehicle established by Eneos in Singapore, is expected to be completed in 2027, subject to customary regulatory approvals and closing conditions.

Miyata Tomohide, representative director and CEO of Eneos, said the investment marks a crucial step in strengthening the business platform linking Japan with Southeast Asia and Oceania.

The Japanese oil firm also seeks to leverage the competitive strengths built across each market to propel the group’s next stage of growth.

“The Caltex brand, built and nurtured by Chevron over many decades, is an exceptionally important business asset, and we are fully committed not only to preserving its value but to elevating it further,” Tomohide said.

The Eneos Group is currently engaged in refining, manufacturing and sales operations worldwide.

For Andy Walz, president of Chevron’s downstream, midstream and chemicals, the sale underscored the company’s disciplined strategy in managing its global portfolio.

“Chevron is committed to supporting an orderly transition as our teams prepare to join Eneos, a valued partner with whom we have a long-standing commercial relationship and strong confidence in the continued success of the Caltex brand across the region,” he added.

Chevron, which markets fuels and lubricants under the Caltex brand, is one of the leading oil players in the Philippines.