Japan’s Eneos Holdings Inc. is forward of rival bidders for US heavyweight Chevron Corp.’s stake in a Singapore oil refinery, in accordance with individuals acquainted with the matter.
Different suitors for the 50 p.c stake in Singapore Refining Firm embody commodity giants Glencore Plc. and Vitol Group, the individuals mentioned, asking to not be recognized as they don’t seem to be allowed to debate the method. The deal is anticipated to be nearing a conclusion, they added, although the method might nonetheless see delays and isn’t but sure.
Chevron’s deliberate sale marks the newest Singapore divestment by a worldwide oil main, after Shell Plc. bought its Bukom refinery final 12 months to a three way partnership between Glencore and Indonesia’s PT Chandra Asri Pacific.
- Advertisement -
Chevron, Eneos, Glencore and Vitol all declined to remark.
Refineries in Singapore, a hub for oil buying and selling, pricing and delivery in Asia Pacific, symbolize a chance for corporations seeking to reinvest big income they’ve produced from commodities into the area that accounts for a lot of the world’s demand development. Some, like Glencore, have focused downstream belongings to revenue from margins that may be captured from turning crude oil into consumable fuels.
Chevron invited non-binding bids for the stake earlier this 12 months.
SRC is a three way partnership between Singapore Petroleum Firm Ltd., a subsidiary of PetroChina Worldwide (Singapore) Pte. Ltd., and Chevron Singapore Pte. Ltd. It operates a 290,000 barrels-a-day refinery location on Jurong Island, producing fuels and chemical feedstocks for home in addition to export markets.
Generated by readers, the feedback included herein don’t replicate the views and opinions of Rigzone. All feedback are topic to editorial evaluation. Off-topic, inappropriate or insulting feedback will probably be eliminated.
