Vitol and Glencore set to make formal bids for Chevron’s Singapore refinery stake 

Global commodities traders Vitol and Glencore are expected to make formal bids for Chevron’s 50% stake in Singapore’s second-largest refinery, five people familiar with the matter said. 

Why it matters 

Vitol and Glencore, which have other refining assets in the Asia-Pacific, are keen to acquire more and boost trade volumes in the region, the sources said. Singapore is Asia’s biggest oil trading hub and the world’s largest bunkering port where refined products are blended, sold or re-exported.