Eneos Set to Acquire Chevron's Singapore Refinery Stake

Japan's leading oil refiner, Eneos, is reportedly close to finalizing a deal to acquire Chevron's stake in a Singapore refinery, valued at approximately $1 billion. The acquisition has attracted interest from global commodities traders Vitol and Glencore, who are also expected to place formal bids for a 50% stake.

Japan's top oil refiner, Eneos, has emerged as the leading bidder for Chevron's stake in a Singapore refinery, according to sources familiar with the transaction, as reported by Bloomberg News on Wednesday.

In a statement sent via email to Reuters, Chevron declined to comment on ongoing negotiations. Meanwhile, Eneos also did not provide immediate feedback on Reuters' request for remarks. This comes in light of a September report indicating the refinery is valued at around $1 billion.

The race to acquire a share in this crucial asset has also seen global commodities traders Vitol and Glencore expressing interest, with both expected to submit formal bids for a 50% stake in the facility.

(With inputs from agencies.)