Innosys bids to acquire shares in Chevron’s Singapore refinery

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　　According to reports from Sinochem New Network, recent information suggests that Japan’s Enesis Holdings is in the lead in the bid for Chevron’s assets at its refinery in Singapore. This deal is expected to be nearing completion. 　　This sale is the latest move by Chevron to further optimize its portfolio in Singapore. In 2024, Shell sold its Bontang refinery to a joint venture between Glencore and Indonesian company Chandra Asri Pacific. As a hub for oil trading and shipping in the Asia-Pacific region, Singapore’s refining assets remain attractive to companies seeking to establish strategic presence in this area. For traders such as Glencore, acquiring such downstream assets helps them secure stable refining profits. 　　Singapore Refining Company is a joint venture owned jointly by a subsidiary of PetroChina International (Singapore) Limited and Chevron Singapore. The company operates a refinery on Jurong Island with a daily processing capacity of 290,000 barrels, producing fuels and chemical raw materials for both local and export markets. Chevron initiated the process to sell those shares in early 2025. So far, the relevant companies have not issued any public comments on the progress of the transaction.