According to Eneos, the deal, which includes Chevron’s assets in Vietnam, Australia, the Philippines and Malaysia, is expected to close in 2027. It’s a win-win deal for both energy players, as Chevron has been eyeing divestment of its refining and storage assets in Asia to streamline operations and reduce costs.

“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,” said Eneos Holdings CEO Miyata Tomohide.

Eneos operates nine refining complexes in Japan, including a joint venture with PetroChina. SRC, on the other hand, runs a 290,000-barrel-per-day refinery in Singapore, with the other half of the company being held by PetroChina through its subsidiary, Singapore Petroleum Co.

“The agreement reflects Chevron’s disciplined approach to managing its international portfolio,” said Andy Walz, president of Chevron’s downstream, midstream and chemicals.

The SRC stake sale is the second major divestment deal in Singapore after Shell sold ‌its Bukom refining and petrochemical complex in 2024. Apart from the SRC stake sale, Chevron previously sold off its Hong Kong retail stations to Thai refiner Bangchak Corp for USD 270 million.

The SRC sale includes Chevron’s Penjuru terminal and lubricants facility in Singapore, which has a storage capacity of around 400,000 cubic metres, roughly equivalent to 2.5 million barrels of oil.

For Eneos, taking over a fuel terminal in one of the world’s largest oil storage and blending hubs will expand the Japanese conglomerate’s trading capabilities, especially in refined fuel, analysts said.

“It will be an important strategic move for Eneos to grow downstream given its domestic market in Japan is saturated and expected to decline. It is not just the refinery; things that come along will be the deal sweetener,” said Sushant Gupta, Wood Mackenzie’s Asia Pacific refining and oils research director, while interacting with Reuters.

The post Japan’s Eneos Holdings to buy Chevron’s 50% stake in SRC appeared first on International Finance.

According to Zawya Projects, in October 2025, the energy major accepted an offer from Switzerland-based commodity trader Gunvor Group to buy its international subsidiary.

Lukoil, which has come under Uncle Sam’s hammer as the Donald Trump administration eyes punishing Moscow for its Ukraine invasion, participates in projects in Iraq, Azerbaijan, Kazakhstan, Uzbekistan, Egypt, Cameroon, Nigeria, Ghana, Mexico, the UAE and the Republic of the Congo.

Lukoil holds a 75% stake in the West Qurna 2 oilfield, while the rest is controlled by the state-owned South Oil Company. Reacting to the latest development, an Iraqi official told the Aliqtisad news, “Should Lukoil quit the field and production be halted, this will deprive Iraq’s crude oil exports from 450,000-500,000 bpd.”

A well-known Iraqi analyst close to the government said reports that Lukoil has declared force majeure in its operations in south Iraq show that the Western sanctions are working and that such a declaration is a “big geopolitical triumph” for the US-led bloc against Moscow.

“I believe Lukoil’s move will open new opportunities for such Western companies as ExxonMobil, BP and TotalEnergies to bolster their presence in Iraq. The road now appears clear for any arrangement between Iraq and Western companies, which are gradually returning to Iraq…I see a good chance for ExxonMobil in West Qurna 2 given its long experience in the nearby West Qurna 1,” said Nabil Al-Marsouimi, an author of several books on Iraq’s energy sector and economy, while interacting with the Zawya Projects.

In early 2024, ExxonMobil quit West Qurna 1 and handed its operations to PetroChina as the lead contractor as part of a plan to phase out its presence in Iraq for security and contractual reasons, including unattractive project terms offered by Baghdad. The American company is set to return to Iraq after it signed a head of agreement (HOA) with Baghdad in October 2025 for the development of the southern Majnoon oilfield, one of the world’s largest single crude reservoirs.

“Iraq needs to find a new foreign partner in West Qurna 2 because Lukoil’s stake is too large for the government to afford,” said Walid Khaddouri, an Iraqi energy expert and former information chief at the Organisation of Arab Petroleum Exporting Countries (OAPEC).

As per Reuters, ExxonMobil is studying a potential bid for West Qurna 2, while Iraqi sources, quoted by Al-Iqtisad news, said they expected Chinese companies to join the race for that field given their strong presence in the country after they won most of the contracts awarded within Iraq’s oil concession licensing rounds in 2024.

The sources reportedly believed that PetroChina is a strong candidate to take over Lukoil’s operations in West Qurna 2 since it operates the nearby Qurna 1. Iraq, however, has expressed its anger over Lukoil’s decision to declare force majeure in its Qurna operations, describing the move “illegal.”

“The declaration is against the law because it is unilateral…the Iraqi oil ministry has not made a similar declaration, although it is party to the agreement with Lukoil. An Iraqi oil company could handle production at Qurna field in case of Lukoil withdrawal for now…another solution is that the field could be handed over to one of the foreign companies already operating in Iraq,” said Ali Al-Shatri, director general of the state oil marketing organisation (SOMO).

The post As Lukoil looks to quit Iraq, country faces new energy conundrum appeared first on International Finance.

China’s biggest oil producer PetroChina has pledged net-zero greenhouse gas emissions by 2050.

Besides PetroChina, Sinopec and China National Offshore Oil Corporation (CNOOC), have announced in recent weeks various plans to become more involved in cleaner energy initiatives.

According to local media reports, around 12 Chinese oil companies have pledged to cut carbon emissions.

With regard to PetroChina’s net-zero emissions plan, Max Petrov, Principal Analyst, Corporate Research at Wood Mackenzie, told the media, “Some will label this greenwashing. I just don’t see PetroChina ready to embark on the kind of transformation that the likes of BP and Eni have announced. The company’s mandate remains firmly in oil and gas; E&P will continue to dominate the portfolio. Is PetroChina ready to transform its existing profitable businesses? Highly unlikely. But a lot can change in 30 years.”

China is currently the largest importer of crude oil in the world.

According to analysts from ICIS-China and FGE, China will import much less crude in the coming months than it did in the months of May and June, with private refiners seeing purchases drop as much as 40 percent.

Li Li, an analyst with commodities researcher ICIS-China told the media, “Some active buyers have used up the import oil allowance. That could shut the channel for them to further process imported oil for rest of the year.”

The post China’s largest oil giants announce plans to reduce emissions appeared first on International Finance.

The eight Petrobras refineries under privatisation have a combined capacity of 1.1 million barrel per day. The bidding process is expected to start in the month of October. Initially, only four refineries will be made available in the bidding process. The sale of the eight refineries is expected to raise around $18 billion.

According to reports, 20 companies have signed a non-disclosure agreement which grants them access to Petrobras refineries’ data. The agreement also indicates that they are considering a bid. The list of potential bidders also includes Vitol, Glencore, Sinopec, Repsol, and Trafigura. Local companies such as Ultraparand Raizen, a joint venture of Brazil’s Cosan and Royal Dutch Shell, will also join the bidding process.

However, according to the Administrative Council for Economic Defense in Brazil, the refineries will most likely be sold to different bidders and to not just one single bidder.

Earlier this year, Brazil’s government announced that they want to privatise Petrobras by 2022. But according to Petrobras CEO Roberto CastelloBranco, the company would only sell non-core assets to reduce its massive net debt of around $73 billion as of the end of the third quarter of 2018.
The company earlier this month recorded its highest quarterly net profit of $5 billion. The record figure can be attributed to its asset sale.

The post Petrobras privatisation attracts oil giants Aramco and PetroChina appeared first on International Finance.