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Competition and Consumer Commission of Singapore
Announcements

CCS Consults on the Proposed Acquisition of Chevron Singapore Pte. Ltd. by ENEOS APAC Pte. Ltd.

9 October 2026

1.      The Competition and Consumer Commission of Singapore (“CCS”) is inviting public feedback on the proposed acquisition of Chevron Singapore Pte. Ltd. (“CSPL”) by ENEOS APAC Pte. Ltd. (“ENEOS APAC”) (collectively, the “Parties”) (the “Proposed Transaction”). 

2.      CCS accepted the application from the Parties on 2 October 2026 for a decision on whether the Proposed Transaction would infringe section 54 of the Competition Act 2004. 

The Parties 

ENEOS APAC

3.      ENEOS APAC is a wholly-owned subsidiary of ENEOS Holdings, Inc. (“ENEOS Holdings”, or, when considered together with its affiliates, “ENEOS”), a Japan‑headquartered, fully integrated energy, resources and materials group with global operations. In Singapore, ENEOS is active in the trading of crude oil, naphtha and refined petroleum products, lubricants blending and wholesale, the supply of marine fuels and solar energy solutions. It primarily operates under the “ENEOS” brand.

CSPL

4.      CSPL is a Singapore-incorporated private company and a wholly-owned subsidiary of the Chevron South Asia Holdings Pte. Ltd, which is 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 the 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; (iii) fuel storage and terminal operations; and (iv) lubricants blending and wholesale.

5.      In Singapore, CSPL operates under the “Chevron” brand as well as the following established brands:

a.      Caltex (retail gasoline and diesel)

b.      Delo (commercial and industrial lubricants)

c.      Havoline (passenger vehicle lubricants)

d.      Star Mart (convenience retail offerings at service stations)

e.      Texaco (legacy brand in fuels and lubricants)

f.        Techron and Techron D (fuel additives)

The Proposed Transaction

6.     Following the Proposed Transaction, CSPL will continue to operate under the Chevron and Caltex brand. ENEOS will step into Chevron’s current operations in Singapore, with CSPL continuing to source Chevron-branded products and raw materials mostly from Chevron Corporation.

7.      ENEOS APAC has submitted that the Parties only overlap in the market for lubricant blending and wholesale supply in Singapore, and that the Proposed Transaction will not raise any material competitive concerns, given the significant number of existing competitors, relatively low barriers to entry and expansion, and ability of customers to multi-source and switch among credible alternative lubricant suppliers in Singapore at minimal cost. 

8.      ENEOS APAC also submitted that no material vertical effects are anticipated, as CSPL faces significant competitive constraints across its relevant active markets (e.g., fuel refining, storage and terminal services, retail distribution of fuels and lubricants) and ENEOS has a limited market presence in lubricants blending and wholesale in Singapore. 

Public Consultation

9.      CCS is inviting public feedback on the Proposed Transaction. The closing date for submissions is 16 October 2026, 5.00 pm. CCS is interested to hear views on the impact of the Proposed Transaction on competition. Public feedback can be provided via the online form (opens in new tab), or by email to ccs_consultation@ccs.gov.sg. If the submission or correspondence contains confidential information, please also provide CCS with a non-confidential version of the submission or correspondence.

10.     More information on the public consultation can be accessed and downloaded from the CCS website at ccs.gov.sg (opens in new tab) under the section “Public Consultation (opens in new tab)”.