Eneos Edges Ahead in Bidding War for Singapore Refinery Stake

Japan's leading oil refiner, Eneos, is reportedly close to securing Chevron's stake in a major Singapore refinery, despite potential delays. The refinery, valued at $1 billion, has also attracted interest from global traders Vitol and Glencore, who are expected to bid for a 50% share.

Eneos, Japan's top oil refiner, has emerged as the frontrunner in the race to acquire Chevron's stake in a major refinery in Singapore. This strategic move comes as a deal nears completion, although potential delays could still affect the outcome, according to inside sources reported by Bloomberg News.

Attempts by Reuters to verify this report were unsuccessful, as neither Eneos nor Chevron provided immediate comments. The Singapore refinery, regarded as the second-largest in the region, carries an estimated valuation of $1 billion as of earlier reports.

The competition for Chevron's stake features notable names, including global commodities traders Vitol and Glencore, who are anticipated to make formal bids for a 50% stake in the facility. The decision remains a pivotal moment for the industry, highlighting the significance of the Singapore refinery in global oil production.

(With inputs from agencies.)