Japanese oil giant Eneos has announced it has struck a deal with Chevron to acquire 100% of the US firm’s Southeast Asian downstream fuels and lubricants business, including in Malaysia, Singapore, the Philippines, Australia, Vietnam and Indonesia. As part of the arrangement, Eneos will take over the more than 450 Caltex petrol stations in Malaysia.
Despite this, Caltex’s highly-recognisable red and green star will not suddenly be replaced by orange Eneos branding, as it has emerged that Eneos will retain the last remnants of the California Texas Oil Company. “The Caltex brand, built and nurtured by Chevron over many decades, is an exceptionally important business asset, and we are fully committed not only to preserving its value, but to elevating it further,” said Eneos director and CEO Miyata Tomohide.
Eneos purchased the downstream business – including Chevron Singapore’s 50% non-operated stake in the Singapore Refining Company (SRC) – through a Singaporean special purpose vehicle (SPV). The transaction, worth US$2.17 billion (RM8.5 billion), is set to be completed in 2027, subject to regulatory approvals and closing conditions.
“Today’s agreement reflects Chevron’s disciplined approach to managing our international portfolio. We are proud of what our people have built over 90 years of serving customers and supporting communities across the Asia Pacific region through the trusted Caltex brand.
“Chevron is committed to supporting an orderly transition as our teams prepare to join ENEOS, a valued partner with whom we have a long-standing commercial relationship and strong confidence in the continued success of the Caltex brand across the region,” said Chevron’s downstream, midstream and chemicals president Andy Walz.
Tomohide added: “This investment represents a significant step in strengthening the business platform that connects Japan with Southeast Asia and Oceania, while bringing together the competitive strengths developed across each market to advance our group’s growth to the next stage. Looking ahead, we will draw fully on the expertise, networks, and business foundations cultivated in each market to further enhance our fuel products business and trading capabilities.”
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