Eneos to take over Caltex PH in 2027

MANILA: Eneos Holdings Incorporated has entered into Share Purchase Agreements with various indirect subsidiaries of Chevron Corporation to acquire 100 percent of the latter’s downstream fuels and lubricants marketing businesses.

As a result, the Japanese petroleum company will soon take over Chevron’s businesses in Singapore, Malaysia, Australia, Vietnam, Indonesia, and the Philippines, thereby acquiring the Caltex brand.

“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,” Eneos Holdings Incorporated Chief Executive Officer and Representative Director Miyata Tomohide was quoted as saying.

“This investment represents a significant step in strengthening the business platform that connects Japan with Southeast Asia and Oceania, while bringing together the competitive strengths developed across each market to advance our Group’s growth to the next stage. Looking ahead, we will draw fully on the expertise, networks, and business foundations cultivated in each market to further enhance our fuel products business and trading capabilities, and to deliver sustainable growth and long-term corporate value with steady execution,” he added. 

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2027 closing timeline

Subject to customary regulatory approvals and closing conditions, the transaction between the two parties is expected to close sometime next year.

Eneos Holdings Incorporated will also obtain Chevron Singapore Proprietary Limited’s 50 percent non-operated interest in the Singapore Refining Company, including its interests in Chevron Lubricants Vietnam Limited, Chevron Malaysia Limited, Chevron Philippines Incorporated, Chevron Australia Downstream Holdings Proprietary Limited, and PT Chevron Oil Products Indonesia.

Per Eneos, the total acquisition price is $2.17 million ( approximately P134.008 million).

“Today’s agreement reflects Chevron’s disciplined approach to managing our international portfolio,” Chevron Downstream, Midstream, and Chemicals President Andy Walz noted.

“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,” he added.

Declining demand in Japan

According to Eneos Holdings Incorporated, demand for petroleum products in Japan is declining.

On that note, the use of traditional fuel in Southeast Asia is expected to grow. Hence, acquiring cost-competitive, export-oriented refinery and downstream fuels and lubricants businesses in these markets will allow the Tokyo-headquartered company to capture demand growth in the region and strengthen its trading opportunities in Australia, a key export market for Japan. 

“By integrating the overseas assets to be acquired with our existing business platform in Japan, we will optimize our supply chain and contribute to a stable energy supply in the Asia-Pacific region over the medium to long term,” Eneos Holdings Incorporated wrote in a press release.

“With over 100 years of experience in related businesses and by working closely with incoming in-country teams, we will reinforce Eneos Corporation’s fuels businesses, steward the Caltex brand, and pursue Group-wide synergies,” it added.

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