A joint venture between Indonesian billionaire Prajogo Pangestu’s company Chandra Asri and global commodities trader Glencore is growing its footprint in Singapore’s petrochemical sector. Their company, Aster Chemicals and Energy, has purchased Chevron Phillips Singapore Chemicals’ manufacturing facility, which produces 400,000 tons of high-density polyethylene (HDPE) each year.
This type of plastic is widely used to make everyday items like bottles, containers, and packaging. The acquisition was approved by Chevron Phillips and its co-owners, including EDB Investments and Sumitomo Chemical Co. The financial terms of the deal were not shared publicly.
Erwin Ciputra, CEO of Aster, said the purchase is a major milestone that aligns with the company’s long-term goals. “It strengthens our capabilities and enhances the value we offer to our customers,” he said.
Strategic Expansion in Southeast Asia
This deal comes just a month after the same joint venture completed the acquisition of Shell’s refining and petrochemical assets in Singapore. These moves show that Aster Chemicals is aiming to become a major player in Southeast Asia’s vital petrochemical market.
With the new assets, Aster now controls:
- A large refinery in Singapore with a capacity of 237,000 barrels of oil per day
- An ethylene cracker on Pulau Bukom
- A petrochemical plant on Jurong Island
- Now, a polyethylene plant from Chevron Phillips
Together, these facilities give Aster a strong position in the region and allow it to serve a growing market for plastic and chemical products, especially in fast-developing Asian economies.
Why It Matters
Southeast Asia is becoming a key hub for the global petrochemical industry due to its strategic location, growing demand, and investment-friendly environment. By expanding operations in Singapore, Aster Chemicals gains access to advanced infrastructure, skilled talent, and easier export routes to global markets.
The acquisition also reflects the increasing influence of Asian firms in the global energy and chemical sectors — with major players like Chandra Asri looking to grow beyond their home countries.
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