Caltex is one of the leading oil players in the country. But soon, it will become a Japanese-owned company.

Eneos Holdings, Inc. has announced a deal has been made with Caltex’s parent company, Chevron. Eneos will acquire 100% ownership of Chevron’s downstream fuels and lubricants marketing businesses in Singapore, Malaysia, the Philippines, Australia, Vietnam and Indonesia. 

The transaction, which is worth USD 2.17 billion, is expected to be completed in 2027, subject to customary regulatory approvals and closing conditions. The deal also includes Chevron Singapore Pte. Ltd.’s 50% non-operated interest in the Singapore Refining Company. 

Eneos explains the acquisition as part of its portfolio restructuring to strengthen businesses capable of early monetization, with a particular focus on overseas fuels businesses.

While petroleum demand in Japan continues to decline, demand in Southeast Asia is expected to grow. By acquiring cost-competitive, export-oriented refinery and downstream fuels and lubricants businesses in these markets, the Eneos Group aims to capture demand growth in the region and strengthen trading opportunities in Australia, which is also a key export market for Japan.

By integrating the overseas assets to be acquired with their existing business platform in Japan, Eneos says they can optimize supply chain and contribute to a stable energy supply in the Asia-Pacific region over the medium to long term.

While Eneos will take over the ownership of Caltex, the latter’s over 600 stations in the Philippines will stay as it is, and will continue to feature the iconic star logo. The same arrangement shall be made in other countries where Eneos has acquired Chevron’s businesses.

“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 Miyata Tomohide, Representative Director, CEO of Eneos Holdings.