Aster Chemicals and Energy (Aster), the joint venture between PT Chandra Asri Pacific (TPIA) and global commodity giant Glencore, is set to acquire Chevron Phillips Singapore Chemicals Pte Ltd (CPSC) through its affiliate, Chandra Asri Capital Pte Ltd.

CPSC currently owns and operates a high-density polyethylene (HDPE) production facility on Jurong Island, Singapore, with an annual production capacity of 400,000 tons (400 KTA). This acquisition is expected to significantly enhance Aster’s business performance and market presence in the Asia-Pacific region.

Chevron Phillips Singapore Chemicals is a joint venture involving Chevron Phillips Chemical, EDB Investments Pte Ltd, and Sumitomo Chemical Company, Ltd. The acquisition has secured approval from CPSC’s shareholders, paving the way for its integration into the Aster group.

Aster already boasts a robust integrated refining capacity of 237,000 barrels per day, alongside an ethylene cracker facility with a capacity of 1.1 million metric tons on Bukom Island, Singapore. The group also operates a wide range of downstream chemical plants on Jurong Island, forming a comprehensive chemical manufacturing ecosystem.

Once the transaction is finalized, CPSC will officially become part of the Aster business group. The acquisition is expected to broaden Aster’s footprint as a leading chemical and infrastructure solutions provider in Asia, fostering new opportunities for collaboration and innovation within the regional chemical industry.

Erwin Ciputra, Group CEO of Aster and President Director of PT Chandra Asri Pacific, described the acquisition as a milestone aligned with the company’s strategic objectives. He emphasized that CPSC’s capabilities would enhance the company’s ability to serve its customers more effectively.

“We look forward to welcoming CPSC into the Aster group. With its talented team, I am confident we will reach new levels of growth for our industry,” Erwin said as quoted in a media statement released on Wednesday, May 7, 2025.

Aster serves as a key provider of energy, chemical, and infrastructure solutions in Southeast Asia, catering to both domestic and international manufacturing industries. The company was established through a strategic partnership between Chandra Asri and Glencore.

Since its founding in 1992, Chandra Asri Group has rapidly expanded, establishing itself as a trusted growth partner with strategic assets in both Indonesia and Singapore. Its total asset portfolio includes a 237,000-barrel-per-day refinery, a 1.1 million metric ton naphtha cracker on Bukom Island, 2.5 million metric tons of downstream chemical assets on Jurong Island, and a 0.9 million metric ton cracker in Cilegon, Banten. These operations are supported by essential infrastructure such as energy, utilities, port access, and tank storage facilities.