Chevron Corp. has agreed to sell several Asia-Pacific refining and retail assets to Japan's Eneos Holdings Inc. for $2.17 billion, the companies announced.

The transaction includes Chevron's stake in a Singapore refinery along with other regional assets, as the U.S. oil major continues to streamline its international operations. The deal represents one of the larger recent transactions in the Asian energy sector.

For Eneos, Japan's largest oil refiner, the acquisition expands its presence in key Asian markets and strengthens its refining capacity. The company has been seeking growth opportunities in the region as it adapts to changing global energy dynamics.

Chevron has been selectively divesting international assets as part of a broader strategy to focus on its most profitable operations. The company has prioritized investments in its Permian Basin operations and other high-return projects while reducing its global footprint in certain regions.

The transaction is subject to regulatory approvals and customary closing conditions. Both companies expect the deal to close in the coming months, pending approval from relevant authorities in the affected jurisdictions.