Aster Chemicals and Energy has announced the acquisition of Chevron Phillips Singapore Chemicals Pte Ltd (CPSC), a joint venture involving Chevron Phillips Chemical, EDB Investments, and Sumitomo Chemical Company.
The acquisition, facilitated through Aster’s affiliate Chandra Asri Capital, includes a polyethylene manufacturing facility on Singapore’s Jurong Island with an annual production capacity of 400 KTA.
The unanimous agreement from CPSC’s shareholders underscores their confidence in Aster’s strategic vision. This acquisition is set to enhance Aster’s value chain and support its growth objectives. Aster’s existing infrastructure includes a refinery with a capacity of 237,000 barrels per day and a 1.1 million metric tonne ethylene cracker on Bukom Island, alongside downstream chemical assets on Jurong Island.
Erwin Ciputra, Group CEO of Aster, remarked, “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.”
The transaction is pending customary closing conditions. Once completed, CPSC will integrate into the Aster group, further solidifying Aster’s position as a leading chemical and infrastructure player in Southeast Asia. This move is expected to create new opportunities for collaboration and innovation within the industry.
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