Chevron (CVX) is expected to receive formal bids from Vitol and Glencore for the US oil giant's 50% stake in Singapore's second-largest refinery, Reuters reported Wednesday, citing people familiar with the matter.

The entire refinery is valued at $1 billion, the report said.

The Switzerland-based commodities traders were shortlisted this month and Chevron is seeking to receive final binding bids during October, the report added.

The other 50% stake in the refinery is owned by Chinese state oil giant PetroChina, which has the first right of refusal to buy Chevron's share, according to the Reuters report.

Chevron and Vitol did not immediately respond to MT Newswires' request for comment on the matter. Glencore declined to comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)