CCS seeks views on ENEOS’ proposed Chevron Singapore buy

The transaction would transfer Caltex’s Singapore operations to the Japanese energy group.

The Competition and Consumer Commission of Singapore (CCS) is seeking public feedback on ENEOS APAC’s proposed acquisition of Chevron Singapore.

CCS accepted the parties’ application on 2 October to decide whether the transaction would breach Section 54 of the Competition Act.

ENEOS APAC is a wholly owned subsidiary of Japan-based ENEOS Holdings. In Singapore, the group trades crude oil, naphtha and refined petroleum products and supplies marine fuels, lubricants and solar-energy solutions.

Chevron Singapore is a downstream petroleum company involved in fuel and lubricant marketing and distribution in Singapore and Vietnam.

Its Singapore operations include Caltex service stations, a stake in Singapore Refining Company, fuel storage and terminal services, and lubricant blending and wholesale.

The company also operates brands including Delo, Havoline, Star Mart, Texaco, Techron and Techron D.

Following the proposed acquisition, Chevron Singapore would continue operating under the Chevron and Caltex brands. It would also continue sourcing most Chevron-branded products and raw materials from Chevron Corporation.

ENEOS submitted that the parties overlap only in lubricant blending and wholesale supply in Singapore.

The company argued that the transaction would not raise material competition concerns because the market has numerous existing competitors, relatively low barriers to entry, and customers that can source products from alternative suppliers at minimal cost.

ENEOS also said it did not expect material vertical effects, citing its limited presence in Singapore’s lubricant blending and wholesale market and the competitive constraints Chevron Singapore faces across its other activities.

These arguments represent ENEOS’ submissions and have not been adopted as conclusions by CCS.