Chevron eyes sale of Singapore oil assets in Q1
Published on: Jan 28, 2026
ENEOS and Glencore move into final talks for a deal valued at over $1 billion.
Chevron is preparing to finalise the sale of its oil refining and distribution assets in Singapore during the first quarter. The U.S. energy major is in advanced discussions with Japanese refiner ENEOS and commodities group Glencore, as reported by Reuters.
The portfolio on the table includes Chevron’s stake in the Singapore Refining Company (SRC), the Penjuru storage terminal and the company’s Caltex retail network in the country. This planned sale forms part of the company’s wider strategy to streamline global operations by shedding refining and storage positions across Asia.
Chevron holds a 50% stake in SRC, which operates a refinery capable of processing 290,000 barrels per day, with PetroChina owning the remaining half through its Singapore Petroleum subsidiary. The Penjuru terminal adds significant logistics capacity, with more than 400,000 cubic meters of storage supporting the blending and supply of fuels, base oils and lubricants.
Regionally, the Caltex retail network comprises around 420 stations in Malaysia, 26 in Singapore and 53 in Cambodia. If completed, the transaction would represent one of the most significant downstream divestments in Southeast Asia in recent years.
