Aster Chemicals and Energy Pte Ltd, a joint venture between PT Chandra Asri Pacific and global commodity giant Glencore, has announced the signing of an agreement to acquire a 50 percent beneficial interest in Petrochemical Corporation of Singapore (PCS) Pte. Ltd.’s Condensate Splitter Unit (CSU) and related infrastructure located on Jurong Island, Singapore.

Aster was established in mid 2024, previously, under the name Shell Singapore Energy Park Pte. Ltd since 2023. It is as a joint venture between Indonesia’s Chandra Asri 80 percent and Switzerland’s Glencore 20 percent. The company operates the integrated petrochemical and refining complex on Bukom Island and Jurong Island to secure energy and chemical supply in Southeast Asia.

PCS is recognized as a leading player in the Singapore Essential Chemicals Complex and a pioneer in the region’s essential chemicals industry.

With this agreement, Aster will assume 100 percent ownership of the CSU facility. The acquisition includes core infrastructure such as floating-roof crude oil storage tanks, two fixed-roof crude recirculation tanks, and a fixed-roof tank equipped with advanced sampling and mixing systems.

Following the acquisition, Aster plans to invest in the rejuvenation of the CSU, previously operated by PCS. Once the upgrade is completed, Aster's total processing capacity will increase from 237,000 barrels per day to over 300,000 barrels per day. This revitalization is expected to deepen integration with Aster’s existing refining and petrochemical assets.

Aster Group CEO Erwin Ciputra said that this move reinforces Aster’s commitment to building a robust value chain leveraging its infrastructure and capabilities in Singapore.

He cited that the expansion will enhance feedstock optimization, reduce downtime through greater operational flexibility, and significantly boost production capacity to meet rising regional demand.

“Alongside our fully integrated refinery and downstream chemical assets in Bukom and Jurong islands, and following our recent acquisition of Chevron Phillips Singapore Chemicals, we now have an upgraded asset base to deliver more reliable and competitive solutions for customers across Singapore and Southeast Asia,” Erwin in a press statement released on June 16, 2025.

Beyond the acquisition, the agreement paves the way for future collaboration between PCS and Aster in naphtha procurement through existing pipeline infrastructure. This partnership is expected to further strengthen the value chain and unlock synergies across sourcing, processing, and downstream integration.