Japanese energy company Eneos Holdings will acquire the downstream fuels and lubricants businesses of Chevron in several Asia-Pacific markets, including the Philippines.
The deal covers Chevron’s businesses in other countries including the Philippines. It is valued at USD 2.17 billion and is expected to be completed in 2027, subject to regulatory approvals and closing conditions.
The transaction also includes Chevron Singapore Pte. Ltd.’s 50% non-operated stake in the Singapore Refining Company.
Eneos said the acquisition is part of its strategy to strengthen its overseas fuels business as petroleum demand in Japan continues to decline, while demand in Southeast Asia is expected to grow.
In the Philippines, Caltex stations will continue operating under the Caltex brand and will retain the company’s star logo. The same setup will also apply in other countries included in the acquisition.
Caltex currently has more than 600 fuel stations in the Philippines.
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