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

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.

The value of the entire refinery is estimated at roughly $1 billion, said one of the people who has direct knowledge of the sale. The Switzerland-based firms were shortlisted this month and Chevron is seeking to receive final binding bids during October, the person added.