PT Chandra Asri Pacific Tbk (Chandra Asri Group) and Glencore announced the finalization of the acquisition of Shell Singapore Pte. Ltd. (SSPL) in Shell Energy and Chemicals Park (SECP) (now Aster Energy and Chemicals Park) in Singapore. This acquisition was done through CAPGC Pte. Ltd., a joint-venture between Chandra Asri Capital Pte. Ltd., a subsidiary of Chandra Asri Group, and Glencore Asian Holdings Pte. Ltd., a subsidiary of Glencore. This agreement was finalized with the purchase of shares of Shell Singapore Pte. Ltd.’s subsidiary, Aster Chemicals and Energy Pte. Ltd. (Aster). This is a major step in expanding Chandra Asri Group's strategic footprint in the regional chemical, energy and infrastructure industries.By leveraging Aster's world-class refinery and trading hub, Chandra Asri Group will ensure the availability of crucial petroleum products as well as fill the supply gap of key chemicals, thus serving to strengthen Indonesia's energy security and reduce dependence on imports. The acquisition is expected to have a positive impact on the Indonesian economy, creating new employment opportunities with profits generated from Aster to be repatriated and reinvested to support the development of Chandra Asri Group and strengthen Indonesia's balance of payments.
Chandra Asri Group and Glencore have finalised the acquisition of Shell Singapore Pte. Ltd. via joint venture CAPGC. The deal secures Aster Energy and Chemicals Park, boosting Chandra Asri's regional presence. It enhances Indonesia's energy security, reduces import reliance, creates jobs, and supports economic growth through repatriated and reinvested profits.
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Fibre2Fashion News Desk (RM)
