Commodity trading giants Vitol and Glencore are set to formally bid to buy Chevron’s 50% stake in a major refinery in Singapore, Reuters reported on Wednesday, citing several sources with knowledge of the plans. As Chevron is looking to cut costs and reshuffle priorities in the downstream business, the U.S. supermajor will be seeking final binding bids for its 50% stake in Singapore Refining Company (SRC) next month, according to Reuters’ sources. Singapore Refining Company, which operates Singapore’s se ...