U.S. supermajor Chevron expects to finalize this quarter a planned sale of its stake in a Singaporean refinery and distribution assets in wider Asia, Reuters reported on Wednesday, quoting multiple sources familiar with the development.
Last year, Chevron was said to have invited non-binding bids from potential buyers of its 50% stake in a refinery in Singapore as part of a push to streamline global assets and reduce costs.
Chevron has hired Morgan Stanley to explore the sale of its 50% stake in Singapore Refining Company (SRC), as well as other assets in Asia. All these could be valued at upwards of $1 billion, according to Reuters’ sources.
At the end of 2025, commodity trading giants Vitol and Glencore were expected to formally bid to buy Chevron’s 50% stake in the Singapore refinery.
Chevron is now in a final round of talks—with Glencore and with Japanese refiner Eneos, Reuters’ sources said.
Singapore Refining Company is a 50/50 joint venture between Chevron and Chinese state-run oil and gas giant PetroChina. The refinery in Singapore can process 290,000 barrels per day (bpd) of crude oil, with the fuel traded through a regional and international network, and an established distribution in Singapore and within Jurong Island.
Chevron is also looking to sell other assets in the Asia Pacific region, including fuel storage facilities and terminals in the Philippines and Australia, and could include retail stations in Cambodia and Malaysia in the deal with either Glencore or Eneos.
Last September, Brant Fish, president of International Products at Chevron, said that the U.S. supermajor plans to have a balanced portfolio of refineries across Asia.
“There’ll be places like Korea where we go investment heavy in petrochemicals and in heavy oil upgrading,” Fish said at the APPEC energy conference in Singapore in early September.
On the other hand, there will be geographies and refineries “like here in Singapore, where we’ve chosen to not make those big investments and actually get a better return through most parts of the cycle on capital employed,” the Chevron executive told the audience at APPEC.
By Charles Kennedy for Oilprice.com
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