Aster to acquire Chevron Phillips Singapore Chemicals
Aster Chemicals and Energy will acquire Chevron Phillips Singapore Chemicals through its affiliate Chandra Asri Capital. The acquisition includes a 400,000 metric ton per year polyethylene facility in Singapore. CEO Erwin Ciputra stated that this acquisition aligns with Aster's strategic goals and enhances customer offerings. The investment value was not disclosed. This follows Aster's recent purchase of Shell's Singapore refinery and assets.
SINGAPORE, May 7 (Reuters) - Aster Chemicals and Energy will acquire Chevron Phillips Singapore Chemicals through its affiliate Chandra Asri Capital, the company said in a press release on Wednesday.
Chevron Phillips Singapore Chemicals currently operates a 400,000 metric ton per year (tpy) polyethylene facility a building block in Singapore’s Jurong Island.
Polyethylene is a type of plastic resin used in the packaging, construction and medical industries.
“This acquisition represents a key achievement for Aster, supporting our strategic goals with new capabilities and strengthening our offerings to customers,” the CEO of Singapore-based Aster Chemicals and Energy, Erwin Ciputra, said.
The company did not reveal the investment value of this acquisition.
Last month, Aster Chemicals and Energy, a joint venture between Chandra Asri and Glencore (GLEN.L) , completed its purchase of Shell’s Singapore refinery and refining assets.
