Chevron, in an emailed statement to Reuters, declined to comment on the report, while Eneos says, “there are no decisions that we made on this matter”.

Reuters reported in September that the value of the entire refinery is estimated at roughly US$1 billion and global commodities traders Vitol and Glencore are expected to make formal bids for Chevron’s 50% stake.

The other 50% is owned by the Chinese state oil giant PetroChina through its Singapore Petroleum unit.

The refinery on Jurong Island is one of three major refineries in the city-state and has a crude processing capacity of about 290,000 barrels per day.

Singapore is Asia’s biggest oil trading hub and the world’s largest bunkering port where refined products are blended, sold or re-exported.