Khadija Saeed

Chevron Corporation shares closed Wednesday up roughly 0.8% at $166.73, after fluctuating between $165.51 and $168.45 during the session. According to sources speaking to Reuters, the oil giant is in the final stages of negotiations to offload its Singapore refining and fuel distribution operations to Japan’s Eneos and commodity trader Glencore. The deal, expected to exceed $1 billion, is aimed for completion in the first quarter. The assets on the table include Chevron’s 50% share in the 290,000-barrel-per-day Singapore Refining Co plant, along with Caltex-branded retail outlets across Singapore, Malaysia, and Cambodia.