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Investing.com -- Vitol and Glencore are preparing to submit formal bids for Chevron’s 50% stake in Singapore’s second-largest refinery, Reuters reported, citing sources familiar with the matter.
The entire refinery is valued at approximately $1 billion, the report said. Chevron has set a deadline for final binding bids in October.
PetroChina currently owns the other half of the refinery through its Singapore Petroleum unit, giving it first right of refusal on Chevron’s stake.
In addition to the Singapore refinery stake, Chevron is also selling terminal and fuel storage facilities in Australia and the Philippines, along with retail stations in Malaysia.
According to the report, these assets may be purchased together or separately.
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