Chevron seeks buyers for 50% stake in Singapore refinery

U.S. oil major Chevron has sought non-binding bids for the sale of its 50% stake in Singapore Refining Company (SRC), including from joint venture partner PetroChina, as per Hydrocarbonprocessing.

Chevron is also gauging interest for the sale of other assets in Asia, including terminal and fuel storage facilities in Australia and the Philippines, one of the sources and a separate source said.

The potential sales come as Chevron restructures globally to streamline operations and reduce costs, a process that could see it lay off up to 20% of its workforce by the end of next year.

Chevron has appointed Morgan Stanley to explore the sale of the SRC refinery in Singapore and other Asian assets, one of the sources said. Morgan Stanley declined to comment.

PetroChina, which owns the other 50% of SRC through its Singapore Petroleum Co Ltd unit, has first right of refusal to purchase Chevron's share, three of the sources said.

Other firms invited to review the refinery stake include global trading house Glencore, three of the sources said.

Buyers were asked to submit non-binding offers in July, the three sources said.

One of the sources put the value of Chevron's stake in the Singapore refining business at hundreds of millions of dollars. Two industry experts not involved in the process gave estimated valuations for 50% of the plant ranging from $300 million to $500 million.

The SRC refinery has a crude processing capacity of around 290,000 barrels per day, making it the smallest refinery in Singapore. It includes seven shipping berths, all of which can handle very-large crude carriers (VLCCs), according to SRC's website.

Last month, Chevron sold its stake in Chevron Phillips Singapore Chemicals to Aster Chemicals and Energy, a joint venture between Chandra Asri and Glencore.

A deal for the refinery would mark the second recent exit by a global major from the Singapore refining sector, which is subject to a carbon tax that has raised operating costs and reduced competitiveness with operators elsewhere.

In April, Shell completed the sale of its facility on Singapore's Bukom and Jurong islands to the Chandra Asri-Glencore joint venture, exiting an operation dating to 1961.

mrchub.com

BP plc has appointed Giovanni Cristofoli as its new regional president for Azerbaijan, Georgia and Turkey (AGT), the company said in a statement in Azerbaijan, as per Interfax.

"BP announced today the appointment of Giovanni Cristofoli as the new regional president for Azerbaijan, Georgia and Turkey (AGT), with effect from 1 October 2025. Gio will be based in Baku, Azerbaijan," the statement reads.

Cristofoli has been at BP for 24 years and has worked in management positions within the company's different areas of business. He has been the senior vice president of BP Solutions since 2021. As a member of BP's multi-disciplinary leadership group, he played a leading role in analyzing and optimizing the company's geological explorations in Azerbaijan, Egypt, Trinidad and the North Sea.

Prior to becoming head of BP's technical solutions department, Cristofoli built up wide-ranging operations and management experience in BP's upstream departments, acting as the vice president of production integration and transformation as well as vice president of global operations and major project operations. He also worked as area operations manager in Tangguh LNG, Indonesia, and as engineering and offshore installation manager on various platforms in the North Sea.

"Gio will succeed Gary Jones, who has successfully led BP's regional business since April 2017," the company said in the statement.

The company said that it would make an announcement on Jones' new role in the company at a later date.

mrchub.com

The current oil price allows Russia to continue investment in oil production, and although the ruble's strengthening makes the situation challenging from a financial modeling perspective, the focus should be on the longer-term outlook, Russian Deputy Prime Minister Alexander Novak told reporters, as per Interfax.

"Yes, the current price enables continued investment. Of course, given the ruble's strengthening, the situation is indeed more challenging from a financial modeling standpoint. But we don't look at the immediate term - financial models account for annual average prices, meaning a medium-term perspective, so we should evaluate over a period rather than at a specific moment," Novak said.

All countries have different production costs depending on their extraction structure and costs, he said. "Everyone has different, let's say, investment decision thresholds, which also relates to financing availability, not just geological conditions. So we can't currently say what price would be acceptable for everyone," he said.

Russia continues investing in oil production "because without this we couldn't even maintain current production levels," he said.

"Investments go towards sustaining production and developing new projects and fields. For us, this largely depends not just on oil prices but also on the ruble exchange rate, since our costs are in rubles. We need to consider what a conventional tonne of oil costs in rubles - financial models are built accordingly," he said.

mrchub.com

The six-year option for France's Renault automaker to return to the shareholders' interests of Russia's Avtovaz and Avtoframos remains in effect, though everything thus far seems to be moving toward the company not being able to implement these actions, First Deputy Prime Minister Denis Manturov said during an interview with RBC, as per Interfax.

"We will definitely account for the criterion despite their having [concluded] an option for six years as of 2022, when they signed the agreement on the company's exit from the shareholders' interests of both Avtovaz and Avtoframos, which is now Moskvich, in Moscow. Everything thus far has been approaching the point that they have been doing and are conducting the option so that it is not possible to implement it," Manturov said in response to reports on Renault's plans to manufacture drones in Ukraine and the effects on the company returning to Russia.

"Firstly, they have interrupted all chains related to collaborative deliveries and have not provided any assistance regarding Avtovaz. Secondly, as you just said, this is an unfriendly action. Firstly, the Renault company as a whole supplies equipment [to Ukraine], and we know and see this. When statements come from these public sources, then we would definitely take the criterion into account as well," Manturov said.

Manturov also spoke about the assumption that Toyota, Hyundai, and Kia, respectively, could be discussing resuming operations in Russia.

"I have not actually received any information from either Hyundai or Toyota regarding their return, as I am still proceeding from official sources, and from the correspondence or interaction that we had previously. However, our relations have been completely interrupted since 2022, both along the line of one structure and along the line of another. Therefore, I would be able to give a corresponding comment if they were to resume interaction with us," he said.

Contacts have been maintained with Western companies, U.S. and European alike. U.S. companies have said that they are interested in implementing options to return overall, Manturov said.

"I honestly have not met with foreign manufacturers myself in the last few months, though these meetings occur periodically at the Industry Ministry. The U.S. companies that have continued operating here and those companies that have left the Russian market, though have an option, have been saying that they would like to return and exercise this option. The [Russian] president spoke about this, and I commented on this in terms of the rules that they would be the same for everyone," Manturov said.

mrchub.com

Oil market volatility benefits no one, and OPEC+ supports stable market development, demand growth and the security of supply, Russian Deputy Prime Minister Alexander Novak said at the 2025 St. Petersburg International Economic Forum (SPIEF 2025), as per Interfax.

When asked by the moderator whether Russia would cooperate with Saudi Arabia to secure the market if Iranian oil were to exit it, Saudi Energy Minister Prince Abdulaziz bin Salman said, "You're asking about something that isn't happening in the market."

"We can only react to reality," he said. OPEC+ has always been a reliable, serious and effective organization that closely monitors market developments, and Russia and Saudi Arabia are just two members of a broader alliance and cannot speak for all, he said.

For his part, Novak expressed hope that the situation in the Middle East will stabilize. "We need to observe how events unfold. Ideally, the situation should stabilize - market volatility benefits no one. We support stable development, demand growth, and secure market supply. This ensures investment stability, enables economic growth for oil-producing nations and facilitates technological advancement," he said.

mrchub.com