VITOL AND GLENCORE WANT TO BUY CHEVRON'S STAKE IN A SINGAPORE REFINERY.

Global commodities traders Vitol and Glencore are planning to buy Chevron's stake in Singapore's Jurong refinery, with a production capacity of 290,000 barrels per day. The stake represents 50% of the company's share capital, the second largest in the country.

The entire refinery is valued at approximately $1 billion. The Swiss companies were selected this month, and Chevron expects to receive final binding offers in October, Reuters reports.

Trading firms Vitol and Glencore, which own other refining assets in the Asia-Pacific region, are seeking to acquire additional assets and increase trading volumes in the region, according to sources. Singapore is Asia's largest oil hub and the world's largest refueling port, where petroleum products are blended, sold, or re-exported.

Chevron owns 50% of the Jurong refinery, while PetroChina holds the remaining 50%. The Chinese company has a first-choice right to purchase the American oil company's stake. There are no indications it intends to outbid traders. Chevron announced its intention to sell half its stake in the refinery in June.