Eneos is in final talks for Chevron Asian assets: sources

[SINGAPORE] Tokyo-listed Eneos Holdings is the last remaining bidder for some of Chevron’s Asian assets in a deal that might be valued at more than US$2 billion, according to people familiar with the matter.

The companies aim to reach an agreement as soon as this quarter, the people said, asking not to be identified because the talks are private. The assets include refineries and gas stations in Singapore, Malaysia, the Philippines and Australia, the people said.

Talks are ongoing and no final decisions have been made, they added.

A representative for Eneos declined to comment. Chevron did not immediately respond to requests for comment.

Eneos was ahead of rival bidders including Glencore and Vitol Group for a stake in Chevron’s Singapore oil refinery, people familiar with the matter said in December. Reuters reported in January that Chevron was in talks with Eneos and Glencore for some assets and aiming to close a deal in the first quarter.

Chevron agreed to sell its Hong Kong fuel business to Bangchak for US$270 million earlier this year. Other oil majors including ExxonMobil and Shell have sold assets in South-east Asia in recent years as well. BLOOMBERG