Aster Chemicals and Energy, via its affiliate Chandra Asri Capital, has entered into a definitive agreement to acquire Chevron Phillips Singapore Chemicals (CPSC).
The sale involves 100% of CPSC’s issued shares and was unanimously approved by the company’s shareholders.
CPSC operates a high-density polyethylene production facility located on Jurong Island in Singapore. The site has a total annual capacity of 400 kilotonnes. Upon completion of the sale, the facility and operations will be integrated into the Aster group portfolio.
CPSC is currently a joint venture between Chevron Phillips Chemical (CPChem), EDB Investments, and Sumitomo Chemical. Following the transaction, the existing shareholders will fully divest their interests.
The deal is subject to customary closing conditions. No details regarding financial terms or the expected closing date have been disclosed.
Aster Chemicals and Energy is jointly owned by Chandra Asri and Glencore. The acquisition is expected to expand Aster’s presence across Singapore’s petrochemical sector.
Aster currently operates an integrated refining unit with 237,000 barrels per day capacity, a 1.1 million metric tonne ethylene cracker on Bukom Island, and downstream assets on Jurong Island.
The acquisition includes approximately 150 employees of CPSC, who are expected to be offered the opportunity to continue their employment under the new ownership structure.
Following the transaction, CPSC will be included within Aster’s corporate group. The move adds to Aster’s existing production base and infrastructure operations within Singapore.
Aster group CEO Erwin Ciputra said: “This acquisition represents a key achievement for Aster, supporting our strategic goals with new capabilities and strengthening our offerings to customers. CPSC’s manufacturing operations will enhance our ecosystem and advance opportunities for innovation and new collaboration.
“We look forward to welcoming CPSC to the Aster group of companies and together with its talented team, I am confident that we will achieve new heights of growth for our industry.”
Chevron Phillips Chemical confirmed that its Asia-Pacific headquarters will remain in Singapore. This regional base oversees product sales and marketing across multiple countries and markets.
CPChem commercial executive vice president Justine Smith said: “CPSC is an excellent strategic fit for Aster, and we are confident the business will thrive as part of its portfolio.
“With this transaction, we are optimising our asset portfolio to ensure we remain competitive and continue to serve as the supplier of choice to our global customers.”
