ENEOS to buy certain Chevron downstream assets in APAC for $2.2bn

Japan-based ENEOS has signed a woody worthy $2.17bn (Y336bn) to get definite downstream substance and lubricants businesses successful Asia-Pacific (APAC) from Chevron.

The assets progressive successful the woody are successful Australia, Indonesia, Malaysia, the Philippines, Singapore and Vietnam.

Through the deal, ENEOS volition get Chevron Singapore’s 50% involvement successful the Singapore Refining Company and 100% of aggregate Chevron subsidiaries.

ENEOS volition behaviour the acquisition done a Singapore-based peculiar intent vehicle.

This entity volition presume afloat equity successful Chevron Singapore (inclusive of its interests successful the Singapore Refining Company and Chevron Lubricants Vietnam), Chevron Malaysia, Chevron Philippines, Chevron Australia Downstream and Chevron Oil Products Indonesia.

The transaction is expected to adjacent successful 2027, pending regulatory clearance and the restitution of modular closing conditions.

ENEOS typical manager and CEO Miyata Tomohide said: “The Caltex brand, built and nurtured by Chevron implicit galore decades, is an exceptionally important concern asset, and we are afloat committed not lone to preserving its worth but to elevating it further.

“This concern represents a important measurement successful strengthening the concern level that connects Japan with South East Asia and Oceania, portion bringing unneurotic the competitory strengths developed crossed each marketplace to beforehand our Group’s maturation to the adjacent stage.

“Looking ahead, we volition gully afloat connected the expertise, networks and concern foundations cultivated successful each marketplace to further heighten our substance products concern and trading capabilities, and to present sustainable maturation and semipermanent firm worth with dependable execution.”

ENEOS stated that this acquisition is simply a measurement towards portfolio reorganisation nether its Fourth Medium-Term Management Plan.

The institution is looking to absorption connected overseas substance operations with imaginable for aboriginal monetisation.

This transaction volition alteration ENEOS to grow into increasing South East Asian markets, wherever vigor request is expected to rise, complementing existing operations successful Japan.

The integration is intended to optimise the company’s proviso concatenation successful APAC, with stated commitments to regulatory compliance and continued engagement with stakeholders passim the closing process.

"ENEOS to bargain definite Chevron downstream assets successful APAC for $2.2bn" was primitively created and published by Offshore Technology, a GlobalData owned brand.

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