Chevron nears sale of Singapore refining and fuel assets

Japan's largest refiner Eneos and global commodities trader Glencore, are looking to expand and boost their trading portfolio and volumes in this region, the sources said.

It will be the first refining asset for Eneos in Asia outside of Japan, if it succeeds in its bid.

The refiner operates nine refineries in Japan, including a joint-venture plant with PetroChina in Chiba, and over 12,000 retail stations locally.

"For base businesses, we are considering the expansion of our overseas fuel oil business through asset acquisition and are planning to expand jet fuel-related facilities to respond to the demand for inbound travel, which is growing every year," Eneos said in its 2025 report.

Glencore, which owns a refinery and distribution network in South Africa under its subsidiary Astron Energy, expanded its refining presence after buying Bukom refinery in Singapore through a joint-venture with Indonesia's Chandra Asri.

(Reporting by Trixie Yap, Yantoultra Ngui and Chen Aizhu in Singapore; additional reporting by Yuka Obayashi in Tokyo; Editing by Florence Tan and Raju Gopalakrishnan)