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00:03Chevron agreed to sell downstream fuels and lubricants marketing businesses
00:06across six Asia-Pacific markets to Ineos for $2.17 billion as the company continues
00:13streamlining its international portfolio, according to the Wall Street Journal.
00:18Ineos will acquire Chevron operations in Singapore, Malaysia, the Philippines,
00:23Australia, Vietnam, and Indonesia, including Chevron Singapore's 50% stake in Singapore Refining Company.
00:31Chevron said the move reflects changing market dynamics and its capital allocation strategy.
00:37Ineos said the deal would expand its presence in Southeast Asia as petroleum demand in Japan
00:42declines and demand in Southeast Asia grows. The acquisition includes the Caltex brand in those
00:48markets. The deal is expected to close in 2027.
00:51For all things money, visit Benzinga.com.
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