Glencore Plc, the Swiss commodities group led by South African executive Gary Nagle, and global trading rival Vitol are preparing formal offers for Chevrons 50 percent stake in Singapores second-largest refinery, according to five people familiar with the matter.
The refinery, valued at about 1 billion, sits on Jurong Island and processes roughly 290,000 barrels of crude per day. PetroChina, which owns the other 50 percent through its Singapore Petroleum unit, holds first right of refusal but has not said whether it intends to bid.
The shortlisted bidders are expected to submit binding offers in October, the people said. Chevron, Vitol and Glencore declined to comment. Morgan Stanley, which is managing the sale along with other Asian assets, also declined.