ENEOS Group is making a major push into Asia-Pacific downstream energy markets with a $2.17 billion acquisition deal that will significantly expand its footprint across Southeast Asia and Australia.
ENEOS Holdings announced it has signed Share Purchase Agreements with indirect subsidiaries of Chevron Corporation to acquire 100% of Chevron’s downstream fuels and lubricants marketing businesses in Singapore, Malaysia, the Philippines, Australia, Vietnam and Indonesia.
The deal also includes Chevron Singapore Pte. Ltd.’s 50% non-operated stake in the Singapore Refining Company.
The transaction will be executed through a special purpose vehicle (SPV) established in Singapore by ENEOS Holdings. Through this structure, ENEOS will acquire full ownership of Chevron Singapore Pte. Ltd. (including interests in SRC and Chevron Lubricants Vietnam Ltd.), Chevron Malaysia Limited, Chevron Philippines Inc., Chevron Australia Downstream Holdings Pty Ltd, and PT Chevron Oil Products Indonesia.
The total acquisition price is US$2,170 million (approximately JPY 336 billion). Closing is expected in calendar year 2027, subject to regulatory approvals and customary conditions.
“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 Miyata Tomohide, Representative Director, CEO of ENEOS Holdings.
“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, and to deliver sustainable growth and long-term corporate value with steady execution.”
Chevron framed the deal as part of its global portfolio strategy.
“Today’s agreement reflects Chevron’s disciplined approach to managing our international portfolio,” said Andy Walz, President of Chevron’s Downstream, Midstream and Chemicals.
“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.”
The ENEOS Group, Japan’s leading energy company, described the acquisition as a strategic step in reshaping its global portfolio and strengthening its overseas fuels business at a time when domestic demand in Japan is declining while Southeast Asian demand continues to grow.
The company said the deal supports its Fourth Medium-Term Management Plan, focusing on portfolio restructuring through targeted M&A, expanding cost-competitive downstream assets, and strengthening trading capabilities across the Asia-Pacific region. ENEOS expects the integration of these assets to optimize supply chains and enhance long-term energy stability in the region.
The acquisition is also intended to deepen ENEOS’s existing presence in fuels and lubricants markets while leveraging the Caltex brand and established regional networks to drive synergies and growth.
