Aster Chemicals and Energy (Aster) has reached a sales and purchase agreement to acquire Chevron Phillips Singapore Chemicals (CPSC) through its affiliate Chandra Asri Capital CPSC owns and operates a polyethylene manufacturing facility on Singapore’s Jurong Island. CPSC is a joint venture between Chevron Phillips Chemical, EDB Investments and Sumitomo Chemical.
Shareholders of CPSC unanimously agreed to the sale, demonstrating confidence in Aster and enhancing the value chain for its future growth and development. CPSC’s high-density polyethylene manufacturing facility on Jurong Island has an annual production capacity of 400 KTA.
Aster has a fully integrated refinery capacity of 237,000 barrels per day alongside a 1.1 million tonnes ethylene cracker on Bukom Island, and downstream chemical assets on Jurong Island. From closing of this transaction, CPSC will join the Aster group of companies and will augment Aster’s footprint as a leading chemical and infrastructure player in the region, creating new opportunities for collaboration and innovation within the industry.
Group CEO of Aster, Erwin Ciputra, says: ‘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.’
