Aster Chemicals Acquires Chevron Phillips' Singapore Operations

A joint venture called Aster Chemicals and Energy, backed by Indonesian petrochemical company Chandra Asri and commodities trader Glencore, is expanding its operations in Singapore by acquiring Chevron Phillips Singapore Chemicals’ high-density polyethylene (HDPE) manufacturing facility on Jurong Island. The facility produces 400,000 tons of HDPE annually, used in packaging and other essential products, and the acquisition strengthens Aster’s strategic position in the Southeast Asian petrochemical hub where it already operates a refinery and other chemical plants. The deal, with undisclosed financial terms, also includes the opportunity for approximately 150 existing employees to transition to Aster, ensuring operational continuity. This acquisition follows a recent purchase by the same joint venture of Shell’s refinery and petrochemical assets in Singapore, further consolidating their footprint in the region. Chevron Phillips Chemical views the sale as an optimization of its asset portfolio to maintain competitiveness and continue serving global customers, while retaining its Asia headquarters in Singapore. Aster aims to leverage its integrated operations and broad supplier network to enhance its offerings across various industries.