Japan's ENEOS to acquire Chevron PH, Caltex

Japanese petroleum giant ENEOS Holdings will acquire 100% of Chevron's downstream fuel subsidiaries companies in the Southeast Asia region and Australia, including Chevron Philippines and Caltex Philippines.

In a news release, the company said it has entered into share purchase agreements (SPAs) with Chevron subsidiaries to acquire the US multinational's downstream fuels and lubricants marketing businesses in six markets in the region: the Philippines, Singapore, Malaysia, Vietnam, Indonesia and Australia.

Through a special purpose vehicle (SPV), ENEOS will acquire 100% of the equity interests in these businesses, including Chevron Philippines, the parent company of Caltex Philippines.

The agreement "reflects Chevron’s disciplined approach to managing our international portfolio,” said Andy Walz, president of Chevron’s Downstream, Midstream and Chemicals.

“We are proud of what our people have built over 90 years of serving customers and supporting communities across the Asia Pacific region through the trusted Caltex brand. Chevron is committed to supporting an orderly transition as our teams prepare to join ENEOS, a valued partner with whom we have a long-standing commercial relationship and strong confidence in the continued success of the Caltex brand across the region.”

“The Caltex brand, built and nurtured by Chevron over many decades, is an exceptionally important business asset, and we are fully committed not only to preserving its value, but to elevating it further,” said ENEOS CEO and representative director Tomohide Miyata.

ENEOS and Chevron expect to close the transaction in 2027. — BM, GMA News