Aster Chemicals and Energy will acquire Chevron Phillips Singapore Chemicals through its affiliate Chandra Asri Capital, the company said in a press release on Wednesday.
Chevron Phillips Singapore Chemicals currently operates a 400,000 metric ton per year (tpy) polyethylene facility in Singapore’s Jurong Island.
Polyethylene is a type of plastic resin used in the packaging, construction and medical industries.
“This acquisition represents a key achievement for Aster, supporting our strategic goals with new capabilities and strengthening our offerings to customers,” the CEO of Singapore-based Aster Chemicals and Energy, Erwin Ciputra, said.
The company did not reveal the investment value of this acquisition.
Last month, Aster Chemicals and Energy, a joint venture between Chandra Asri and Glencore, completed its purchase of Shell’s Singapore refinery and refining assets.
