Japan's Eneos leads bids for Chevron’s Singapore oil refinery stake, Bloomberg News reports (updated)

ENEOS Holdings

24/12/2025 06:51

Adds Eneos statement in paragraph 2; details and background in paragraphs 3-6

Dec 24 (Reuters) - Japan's top oil refiner Eneos 5020.T is leading rival bidders for Chevron's CVX.N stake in a Singapore refinery, with a deal nearing completion, though potential delays remain, Bloomberg News reported on Wednesday, citing people familiar with the matter.

Chevron, in an emailed statement to Reuters, declined to comment on the report, while Eneos says, "there are no decisions that we made on this matter."

Reuters
reported in September
 that the value of the entire refinery is estimated at roughly $1 billion and global commodities traders Vitol and Glencore GLEN.L are expected to make formal bids for Chevron's 50% stake.

The other 50% is owned by Chinese state oil giant PetroChina 601857.SS through its Singapore Petroleum unit.

The refinery on Jurong Island is one of three major refineries in the city-state and has a crude processing capacity of about 290,000 barrels per day.

Singapore is Asia's biggest oil trading hub and the world's largest bunkering port where refined products are blended, sold or re-exported.

 (Reporting by Mihika Sharma in Bengaluru and Katya Golubkova in Tokyo; Editing by Sonia Cheema and Ronojoy Mazumdar)

 ((Mihika.Sharma@thomsonreuters.com;))