Competition authority seeks public views on Eneos Apac’s proposed acquisition of Chevron Singapore
Eneos says there are many existing competitors in the industry and relatively low barriers to entry.
The Competition and Consumer Commission of Singapore (CCS) has opened a public consultation on the proposed acquisition of Chevron Singapore, a petroleum products distributor, by Eneos Apac, a subsidiary of the energy, resources, and materials group Eneos. The CCS accepted the application of both companies on October 2nd to decide if the proposed transaction breaches Section 54 of the Competition Act 2004.
Chevron Singapore is a downstream petroleum company operating in Singapore and Vietnam, and holds an equity interest in Singapore Refining Company. Eneos is a Japan-based energy, resources, and materials group with global operations, active in trading crude oil, naphtha, and refined petroleum products, lubricants blending, and wholesale, as well as supplying marine fuels and solar energy solutions.
If the acquisition proceeds, Chevron Singapore would continue to operate under the Chevron and Caltex brands, while Eneos would take over Chevron's current operations in Singapore. The CCS asserts that the proposed transaction will not create any significant competitive concerns, considering the numerous existing competitors, low barriers to entry, and customers' ability to switch suppliers with minimal cost.
Eneos Apac claims that there will also be no vertical effects. The CCS is seeking public input on the potential impact of this acquisition on competition, accepting submissions via their online form or email until October 16th at 5 pm.
Written by urgent.news from Straits Times Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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