Chevron Phillips Chemical to Sell Singapore Site to Aster Chemicals

Chevron Phillips Chemical (CPChem) announced that shareholders of Chevron Phillips Singapore Chemicals (CPSC) have reached an agreement to sell their entire stake to Aster Chemicals and Energy through its affiliate Chandra Asri.

Aster is a joint venture between Chandra Asri and Glencore. It has a fully integrated refinery capacity of 237,000 barrels per day, and a 1.1 million metric ton ethylene cracker on Bukom Island, according to the company, as well as downstream chemical assets located on Jurong Island.

The transaction centers on CPSC's high-density polyethylene manufacturing facility on Jurong Island, Singapore, which boasts an annual production capacity of 400 KTA. All approximately 150 CPSC employees are expected to receive opportunities to transition to Aster.

"CPSC is an excellent strategic fit for Aster, and we are confident the business will thrive as part of its portfolio," said Justine Smith, CPChem executive vice president of commercial. "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."

While the deal remains subject to customary closing conditions, CPChem confirmed its Asia headquarters, which oversees regional sales and marketing operations, will maintain its presence in Singapore.

Aster Chem Global has established itself as a leader in chemical distribution, providing a range of more than 350 products. The company said it has a diverse network of suppliers, enabling it to offer specialized solutions to clients across various industries.

Chevron Phillips Chemical, jointly owned by Chevron USA Inc. and Phillips 66, is a leading global producer of olefins and polyolefins. Headquartered in The Woodlands, TX, the company employs more than 5,000 people and manages approximately $20 billion in assets across 32 manufacturing and research facilities in six countries.

The company is also a major supplier of aromatics, alpha olefins, styrenics, specialty chemicals, polyethylene piping, and polymer resins.