GreenergyDaily

Jun. 19, 2025

U.S. oil major Chevron has sought non-binding bids for the sale of its 50% stake in Singapore Refining Company (SRC), including from joint venture partner PetroChina, eight sources familiar with the matter told Reuters.

Chevron is also gauging interest for the sale of other assets in Asia, including terminal and fuel storage facilities in Australia and the Philippines, one of the sources and a separate source said.

The potential sales come as Chevron restructures globally to streamline operations and reduce costs, a process that could see it lay off up to 20% of its workforce by the end of next year.

Chevron has appointed Morgan Stanley to explore the sale of the SRC refinery in Singapore and other Asian assets, one of the sources said. Morgan Stanley declined to comment.

PetroChina, which owns the other 50% of SRC through its Singapore Petroleum Co Ltd unit, has first right of refusal to purchase Chevron's share, three of the sources said.

Buyers were asked to submit non-binding offers in July, the three sources said.

One of the sources put the value of Chevron's stake in the Singapore refining business at hundreds of millions of dollars. Two industry experts not involved in the process gave estimated valuations for 50% of the plant ranging from $300 million to $500 million.