Eneos of Japan to acquire Caltex in Southeast Asia
Caltex to retain identity
By Inigo Roces
Published May 20, 2026 09:00 am
At A Glance
- The Eneos Group of Japan has entered into Share Purchase Agreements (SPAs) to acquire 100% of Chevron's downstream fuels and lubricants marketing businesses, which includes Caltex in Singapore, Malaysia, the Philippines, Australia, Vietnam and Indonesia.
The Eneos Group of Japan has entered into Share Purchase Agreements (SPAs) to acquire 100% of Chevron’s downstream fuels and lubricants marketing businesses in Singapore, Malaysia, the Philippines, Australia, Vietnam and Indonesia. Caltex is a part of the Chevron Corporation.
The transaction will be implemented through a special purpose vehicle (SPV) established in Singapore by Eneos Holdings. The deal totals USD 2.17 billion (approximately JPY 336 billion). The parties expect the transaction to close in calendar year 2027, subject to customary regulatory approvals and closing conditions.
Once complete, Eneos will take over the ownership of Caltex, its operations, its retail fuel business, as well as its lubricant business in Southeast Asia. In the Philippines, that includes over 600 stations in the Philippines. Caltex will retain its identity and fuel stations will continue to feature the iconic star logo. The same arrangement shall be made in other countries where Eneos has acquired Chevron’s businesses.
From left: Tomohide Miyata, Representative Director & CEO, ENEOS Holdings with Andy Walz, President of Chevron’s Downstream, Midstream and Chemicals.
“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.
“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.”
“Today’s agreement reflects Chevron’s disciplined approach to managing our international portfolio,” said Andy Walz, President of Chevron’s Downstream, Midstream and Chemicals.
“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.”
The Eneos Group is Japan’s leading energy company with refining, manufacturing, and sales operations worldwide. Founded in 1888, it has expanded its petroleum business from upstream exploration and production to downstream refining and marketing.
This move is motivated by the decline in petroleum demand in Japan, but perceived growing demand in Southeast Asia. By acquiring Caltex’s assets, the Eneos Group aims to capture demand growth in the region and strengthen its trading opportunities in Australia, a key export market for Japan. Eneos says these assests can be integrated with their existing business platform in Japan to optimize their supply chain and contribute to a stable energy supply in the Asia-Pacific region over the medium to long term.