Eneos Tops Bidders for Chevron's Singapore Refinery Stake, Says Bloomberg

• Vitol and Glencore are also expected to submit formal bids, with the other 50% owned by PetroChina through Singapore Petroleum
• The refinery has a capacity of 290,000 barrels per day on Jurong Island, serving Singapore's role as the world's largest bunkering port
• While Eneos is reportedly the frontrunner, Bloomberg sources indicate potential delays remain before deal completion

Japan's Eneos has emerged as the leading bidder for Chevron's 50% stake in a Singapore refinery, with a deal approaching completion, according to Bloomberg sources. The entire refinery is valued at approximately $1 billion, making Chevron's stake worth around $500 million.

The refinery, located on Jurong Island, is one of Singapore's three major refineries with a crude processing capacity of 290,000 barrels per day. The remaining 50% stake is owned by PetroChina through its Singapore Petroleum unit.

Other potential bidders include global commodities traders Vitol and Glencore, who are expected to submit formal bids. However, Eneos appears to be in the strongest position to secure the asset, though delays in finalizing the transaction remain possible.

The strategic importance of this asset is significant, as Singapore serves as Asia's largest oil trading hub and the world's biggest bunkering port for refined products blending, sales, and re-exports. For Eneos, Japan's largest oil refiner, acquiring this stake would strengthen its presence in the crucial Southeast Asian energy market.

This potential acquisition aligns with broader consolidation trends in the Asian refining sector as companies seek to optimize their portfolios and expand their regional footprints. The deal would also mark Chevron's continued divestment from non-core assets as part of its strategic refocusing efforts.