Eneos Takes Lead in Bidding War for Chevron's Singapore Refinery Stake

Eneos is leading in the bid for Chevron’s 50% stake in a major Singapore refinery valued at around $1 billion. Rival bidders include Vitol and Glencore, while the other half is owned by PetroChina. The refinery plays a significant role in Asia's oil trading activities.

Japan's top oil refiner, Eneos, is reportedly at the forefront of acquiring Chevron's stake in a Singapore refinery, according to Bloomberg News sources. The deal is progressing but may encounter potential delays.

Chevron, in response to Reuters' inquiries, did not comment, while Eneos stated no final decision has been made. Vitol and Glencore are also expected to make bids for the $1 billion valued refinery stake.

PetroChina owns the remaining 50% of the refinery on Jurong Island, which processes 290,000 barrels of crude daily. This facility is central to Singapore's standing as Asia's largest oil trading hub.

(With inputs from agencies.)