Japan's largest oil refiner, Nippon, for the first time acquires an overseas refinery, buying Chevron's (CVX.US) Asia-Pacific assets for $2.2 billion.

Zhitong Finance and Economics APP learned that Japan's largest oil refinery, Eneos Holdings Inc., is accelerating its expansion into overseas markets. The company recently announced that it will acquire some of Chevron's refining and retail assets in the Asia-Pacific region for $2.17 billion in cash. This is not only the first time Eneos has acquired ownership of an oil refinery outside of Japan, but also marks a shift in its strategic focus from Japan's shrinking demand to the growing Southeast Asian market.