Chevron’s planned sale marks the most recent Singapore divestment by a global oil major, after Shell plc sold its Bukom refinery last year to a joint venture between Glencore and Indonesia’s PT Chandra Asri Pacific.
Chevron, Eneos, Glencore and Vitol all declined to comment.
Refineries in Singapore, a hub for oil trading, pricing and shipChevron, Eneos, Glencore and Vitol all declined to comment. ping in Asia Pacific, represent an opportunity for firms looking to reinvest huge profits they’ve made from commodities into the region that accounts for most of the world’s demand growth. Some, like Glencore, have targeted downstream assets to profit from margins that can be captured from turning crude oil into consumable fuels.
Chevron invited non-binding bids for the stake earlier this year.
See also: Bangchak buys HK unit of Chevron as it expands in Asia
SRC is a joint venture between Singapore Petroleum Company Ltd, a subsidiary of PetroChina International (Singapore) Pte Ltd, and Chevron Singapore Pte Ltd. It operates a 290,000 barrels-a-day refinery location on Jurong Island, producing fuels and chemical feedstocks for domestic as well as export markets.
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