Chandra Asri Expands Southeast Asia Footprint with Chevron Phillips Singapore Acquisition
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JAKARTA, investortrust.id – Indonesia’s leading petrochemical producer PT Chandra Asri Pacific Tbk has reached an agreement to acquire Chevron Phillips Singapore Chemicals, signaling another bold step in its Southeast Asia expansion strategy.
The acquisition, announced on Wednesday, May 7, 2025, is being executed through Aster Chemicals and Energy Pte Ltd, a Singapore-based joint venture controlled by CAPGC Pte Ltd. Chandra Asri, listed on the Indonesia Stock Exchange under the ticker TPIA, owns 80% of CAPGC, while the remaining 20% is held by global commodity trading firm Glencore.
According to an official statement from Aster Chemicals, shareholders of Chevron Phillips Singapore Chemicals (CPSC) unanimously agreed to sell their shares to Aster. With this transaction, CPSC will become part of the Aster group. However, the financial terms of the deal were not disclosed.
Erwin Ciputra, Group CEO of Aster, emphasized the strategic value of the acquisition. “CPSC’s manufacturing operations will significantly enhance Aster’s ecosystem and create opportunities for innovation and collaboration. We welcome CPSC into the Aster family and are confident this will unlock a new level of industry growth,” he said.
Chevron Phillips Singapore Chemicals is a joint venture between Chevron Phillips Chemical Company, EDB Investments Pte Ltd, and Sumitomo Company Ltd. The company operates a polyethylene production facility with an annual capacity of 400,000 tons, located on Jurong Island, Singapore. Polyethylene is a widely used plastic resin in industries such as packaging, construction, and healthcare.
This move follows an earlier milestone in Chandra Asri’s regional expansion. In partnership with Glencore and also through Aster Chemicals and Energy, Chandra Asri completed the acquisition of Shell Singapore’s refinery and petrochemical assets. These include a 237,000-barrel-per-day crude oil refinery and a 1.1 million metric ton-per-year ethylene cracker on Bukom Island, along with downstream chemical assets on Jurong Island.
The acquisitions underline Chandra Asri’s ambition to become a regional powerhouse in petrochemicals, building a vertically integrated and innovation-driven supply chain spanning Indonesia and Singapore.