Japanese oil giant ENEOS to acquire Caltex Philippines

Japanese energy company ENEOS Holdings has signed an agreement to acquire Chevron’s downstream fuel and lubricants operations across several Asia-Pacific markets, including Chevron Philippines Inc., which operates the Caltex brand locally.

The transaction forms part of a larger US$2.17 billion deal covering Chevron’s businesses in Singapore, Malaysia, Australia, Vietnam, and Indonesia. ENEOS expects the acquisition to be completed in 2027, pending regulatory approvals and other closing conditions.

Despite the ownership change, ENEOS says it intends to preserve and further grow the Caltex brand rather than phase it out. The company described Caltex as an “exceptionally important business asset” built over decades across the region.

“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 and CEO of ENEOS Holdings.

Chevron also emphasized that the transition is expected to be orderly, with confidence in the continued operation of the Caltex brand across the Asia-Pacific region.

Caltex currently operates one of the Philippines’ largest fuel station and lubricant networks. The acquisition would place the local business under one of Japan’s largest oil and energy companies, which has been expanding its presence in Southeast Asia as fuel demand in the region continues to grow.

According to ENEOS, the acquisition aligns with its long-term strategy of strengthening overseas fuel businesses amid declining petroleum demand in Japan. The company also sees Southeast Asia and Australia as important growth markets for fuel supply and trading operations.