The Competition and Consumer Commission of Singapore (CCS) on 9 October 2026 began seeking public views on ENEOS APAC's proposed acquisition of Chevron Singapore, part of ENEOS Holdings' roughly US$2.17bn deal for Chevron's downstream businesses across Southeast Asia and Australia.
Why ENEOS Holdings is buying Chevron Asia-Pacific downstream businesses
ENEOS has described the acquisition as part of portfolio reorganisation under its Fourth Medium-Term Management Plan, expanding its fuels business into Southeast Asian markets where energy demand is expected to grow and optimising its Asia-Pacific supply chain. It would be the group's first refining business outside Japan.
Deal terms and financing
ENEOS agreed in May 2026 to pay about US$2.17bn (¥336bn) through a Singapore special purpose vehicle for all of Chevron Singapore, including its 50% stake in Singapore Refining Company and its Penjuru terminal and lubricants facility, together with Chevron's downstream subsidiaries in Malaysia, the Philippines, Australia and Indonesia and Chevron Lubricants Vietnam. Chevron Singapore will continue to trade under the Chevron and Caltex brands.
Regulatory approvals and timing
CCS accepted the parties' application on 2 October for a decision on whether the deal would infringe section 54 of the Competition Act 2004 and invited submissions until 5pm on 16 October. The parties argue they overlap only in lubricant blending and wholesale supply in Singapore, where there are many competitors and low barriers to entry. Completion is expected in 2027, subject to regulatory clearances.
Market context
Singapore Refining Company runs a 290,000-barrel-a-day refinery on Jurong Island; the other half is owned by PetroChina through Singapore Petroleum Company. The deal is the second big Singapore refinery transaction since Shell sold its Bukom complex in 2024.
