Aster Chemicals and Energy (Aster) has agreed to acquire Chevron Phillips Singapore Chemicals Pte Ltd (CPSC). CPSC is a joint venture between Chevron Phillips Chemical, EDB Investments Pte Ltd, and Sumitomo Chemical Co Ltd.
According to Chevron Phillips Chemical, CPSC shareholders have agreed to sell 100 percent of their shares. With the acquisition of CPSC, Aster has secured ownership of a 400,000 tons per annum high-density polyethylene manufacturing facility on Jurong Island, Singapore. The facility is owned and operated by CPSC, and following the acquisition, the company’s 150 employees are expected to have an opportunity to join Aster, Chevron Phillips Chemical said.
“CPSC is an excellent strategic fit for Aster, and we are confident the business will thrive as part of its portfolio,” Justine Smith, CPChem Executive Vice President of Commercial, said. “With this transaction, we are optimizing our asset portfolio to ensure we remain competitive and continue to serve as the supplier of choice to our global customers”.
The transaction is subject to customary closing conditions. Chevron Phillips Chemical said its Asia headquarters, responsible for the sales and marketing of products throughout the region, will remain in Singapore.
“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”, Erwin Ciputra, Group CEO of Aster, said.
Aster said it has a fully integrated refinery capacity of 237,000 barrels per day alongside a 1.1 million metric ton ethylene cracker on Bukom Island, and downstream chemical assets on Jurong Island.
To contact the author, email andreson.n.paul@gmail.com
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