Eneos Group to Acquire Chevron’s Downstream Businesses

Business Strategy Eneos Group to Acquire Chevron’s Downstream Businesses

2026-05-21 Source: Press release Eneos Group 2 min Reading Time

Under Share Purchase Agreements signed between Eneos Holdings and Chevron Corporation, Eneos will acquire Chevron’s downstream fuels and lubricants marketing businesses in Singapore, Malaysia, the Philippines, Australia, Vietnam and Indonesia.

Left to right: Tomohide Miyata, Representative Director & CEO, Eneos Holdings with Andy Walz, President of Chevron’s Downstream, Midstream and Chemicals.(Source: Eneos Holdings) — Left to right: Tomohide Miyata, Representative Director & CEO, Eneos Holdings with Andy Walz, President of Chevron’s Downstream, Midstream and Chemicals.
(Source: Eneos Holdings)

Tokyo/Japan – Eneos Holdings has entered into Share Purchase Agreements (SPAs) with various indirect subsidiaries of Chevron Corporation to acquire 100 % of Chevron’s downstream fuels and lubricants marketing businesses in Singapore, Malaysia, the Philippines, Australia, Vietnam and Indonesia, which includes Chevron Singapore’s 50 % non-operated interest in the Singapore Refining Company (SRC).

The transaction will be implemented through a special purpose vehicle (SPV) established in Singapore by Eneos Holdings. Through the SPV, Eneos Holdings will acquire 100 % of the equity interests in Chevron Singapore (including its interests in SRC and Chevron Lubricants Vietnam), Chevron Malaysia, Chevron Philippines, Chevron Australia Downstream Holdings, and PT Chevron Oil Products Indonesia. The total acquisition price is 2,170 million dollars (approximately JPY 336 billion). The parties expect the transaction to close in calendar year 2027, subject to customary regulatory approvals and closing conditions.

“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,” said Miyata Tomohide, Representative Director, CEO of Eneos Holdings.

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“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. Looking ahead, we will draw fully on the expertise, networks, and business foundations cultivated in each market to further enhance our fuel products business and trading capabilities, and to deliver sustainable growth and long-term corporate value with steady execution.”

“Today’s agreement reflects Chevron’s disciplined approach to managing our international portfolio,” said Andy Walz, President of Chevron’s Downstream, Midstream and Chemicals.

“We are proud of what our people have built over 90 years of serving customers and supporting communities across the Asia Pacific region through the trusted Caltex brand. 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.”

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