Notification | Pending
Proposed Acquisition of Chevron Singapore Pte. Ltd. by ENEOS APAC Pte. Ltd.
9 October 2026
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Reference: | CCS 400-140-2026-020 |
Notifying Party: | ENEOS APAC Pte. Ltd. |
Legal Representative(s): | Ascendant Legal LLC |
Notifying Date: | 2 October 2026 |
Summary of Transaction: | 1. the names of the merger parties; (a) ENEOS APAC Pte. Ltd. (“ENEOS APAC”) (b) Chevron Singapore Pte. Ltd. (“CSPL”) (collectively, the “Parties”). 2. a description of the transaction; The notification relates to the proposed acquisition by ENEOS APAC of the entire issued share capital in CSPL (the “Proposed Transaction”). 3. a description of the business activities of the merger parties worldwide and in Singapore; ENEOS APAC ENEOS APAC is a wholly-owned subsidiary of ENEOS Holdings (“ENEOS Holdings”, or, when considered together with its affiliates, “ENEOS”), which is a Japan‑headquartered, fully integrated energy, resources and materials group with global operations. In Singapore, ENEOS is mainly active in the trading of crude oil, naphtha and refined petroleum products, lubricants blending and wholesale, the supply of marine fuels and the supply of solar energy solutions. CSPL CSPL is a private company incorporated in Singapore and a wholly-owned subsidiary of the Chevron South Asia Holdings Pte. Ltd, which is in turn indirectly wholly owned by Chevron Corporation. CSPL is primarily a downstream petroleum company engaged in the marketing and distribution of fuels and lubricants, with operations in Singapore and Vietnam. In Singapore, CSPL’s activities within scope of the Proposed Transaction encompass: (i) the retail distribution of fuels and lubricants; (ii) an equity interest in Singapore Refining Company Private Limited, a 50:50 joint venture with Singapore Petroleum Company Limited (SPC); (iii) fuel storage and terminal operations; and (iv) lubricants blending and wholesale. 4. a description of the overlapping goods or services, including brand names In Singapore, ENEOS and CSPL overlap in respect of the blending and wholesale of lubricants. ENEOS’ main brand is ENEOS. CSPL mainly sells lubricants under the Delo, Havoline and Texaco brand names. 5. a description of substitute goods or services from demand-side and supply-side considerations; Lubricants offered by competitors of the Parties are considered to be close substitutes from a demand-side perspective and supply-side perspective. 6. the Notifying Party’s views on: i. definition of the relevant market(s); The Parties consider that the market definition can be left open as the Transaction will not raise competition concerns under any plausible market definition. The Parties have nonetheless conservatively assessed the competitive impact of the Transaction having regard to lubricants blending and wholesale in Singapore. ii. the way in which competition functions in this market; The relevant market is highly competitive, with multiple suppliers having market positions similar to those of ENEOS and CSPL, and with well-established international and local brands. ENEOS and CSPL account only for a modest market share in Singapore, and they will be unable to exercise any form of market power that would enable them to increase the price of their lubricants in Singapore. iii. barriers to entry and countervailing buyer power; and Barriers to entry in lubricants blending and wholesale in Singapore are relatively low. Lubricants blending and wholesale in Singapore is not subject to any sector-specific licensing regime or regulatory pre-approval. Singapore does not impose customs duties on base oils, lubricant additives, or finished lubricants. Lubricant blending is a well-established industrial process that does not involve proprietary or cutting-edge technology. Following the Proposed Transaction, ENEOS and CSPL will remain constrained by customers’ ability to switch among numerous alternative lubricant suppliers in Singapore. Suppliers include major international firms (ExxonMobil, Shell, BP/Castrol, SPC, TotalEnergies), independent blenders (AP Oil, United Oil, Unicorn Oil), and regional distributors. Customers – including large industrial end-users, marine operators, and automotive manufacturers and distributors – are sophisticated purchasers that routinely multi-source and possess credible alternatives, enabling them to redistribute volumes across competing suppliers at minimal switching cost. iv. the competitive effects of the merger (non-coordinated, coordinated and/or vertical effects, as relevant). The Proposed Transaction will not give rise to any material competitive concerns in any relevant markets, given the significant number of existing competitors in the market where the Parties overlap and the relatively low barriers to entry and expansion, as well as the significant countervailing power of the customers in those markets. More broadly, considering markets where the Parties do not overlap, CSPL will remain one of several operators of retail petrol stations, and one of several operators of refineries in Singapore, facing significant competitive constraints from vertically integrated competitors across all of the relevant markets where it is active. ENEOS’ very limited market presence in respect of lubricants blending and wholesale in Singapore makes it very unlikely that the Proposed Transaction would lead to any foreclosure effects on vertically related markets. |
Consultation: | Interested parties are invited to submit their views on the Proposed Transaction. When submitting confidential information, interested parties should take note of the procedures outlined in CCS Guidelines on Merger Procedures. Email: ccs_consultation@ccs.gov.sg |
Supporting Documents | Interested third parties may request in writing to obtain more information on the Proposed Transaction. Please write or email your submission (titled Comments on Proposed Acquisition of Chevron Singapore Pte. Ltd. by ENEOS APAC Pte. Ltd) to the above contact details. |