Chevron aims to finalize a deal to sell its Singapore refining and fuel distribution assets in the first quarter, according to four sources. The company is in final talks with Japan’s Eneos and commodities trader Glencore.
The package includes Chevron’s stake in a Singapore refinery, a storage terminal, and fuel stations. Chevron may also include retail sites in Cambodia and Malaysia. Two sources said the combined assets could be worth $1 billion or more.
This move fits Chevron’s strategy to sell refining and storage assets in Asia. The company is restructuring to simplify its footprint and lower costs. Chevron, Eneos, and Glencore declined to comment.
Reuters previously reported on the refinery stake sale, but the additional assets have not been publicly confirmed.
Full article Chevron Moves to Sell Singapore Downstream Assets in Q1
Share this:
