Eneos said to be in final talks for Chevron’s Asian assets

Eneos said to be in final talks for Chevron’s Asian assets

The assets include refineries and gas stations in Malaysia, Singapore, the Philippines and Australia.

The deal could be valued at more than US$2 billion. (EPA Images pic)
TOKYO:
Tokyo-listed Eneos Holdings Inc. is the last remaining bidder for some of Chevron Corp.’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 Malaysia, Singapore, the Philippines and Australia, the people said.

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

Representatives for Eneos and Chevron declined to comment.

Eneos was ahead of rival bidders including Glencore Plc 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 Corp. for US$270 million earlier this year. Other oil majors including Exxon Mobil Corp. and Shell Plc have sold assets in Southeast Asia in recent years as well.

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