Chevron Seeks Buyers for 50% Singapore Refinery Stake, Asian Assets

Chevron is seeking non-binding bids for its 50% stake in the Singapore Refining Company (SRC), a joint venture with PetroChina, as part of a broader strategy to streamline its global portfolio and reduce costs. The refinery, capable of processing 290,000 barrels per day, is valued at hundreds of millions of dollars, with estimated valuations ranging from $300 million to $500 million. Chevron has appointed Morgan Stanley to manage the sale process and has invited PetroChina, which holds the right of first refusal, as well as other firms like Glencore, to evaluate the stake. Alongside this, Chevron is exploring the sale of additional assets in Asia, including fuel storage facilities and terminals in Australia and the Philippines. These moves align with Chevron's global restructuring plan, which includes a potential workforce reduction of up to 20% by the end of next year to enhance operational efficiency and focus on high-growth core assets. Chevron aims to strengthen its financial position and competitiveness in response to evolving market conditions and industry pressures.