Chevron Sells Singapore Refinery Stake to Eneos

Chevron struck a deal with Eneos to sell it its 50% interest in Singapore Refining Company. The Japanese energy major will pay close to $2. 2 billion for the stake, media reported. As part of the deal, Eneos will also acquire other Chevron assets across Southeast Asia and Australia.

The deal, for Eneos, fits with its expansion strategy and a move away from a focus on the domestic Japanese market. For Chevron, the sale is part of a push to streamline global assets and reduce costs.