Aster Chemicals expands Southeast Asia portfolio with acquisition of Singapore’s Chevron Phillips
With these back-to-back acquisitions, Aster is positioning itself as a vertically integrated chemical and energy powerhouse in the region, controlling upstream refining, midstream cracking, and downstream polymer production
Aster Chemicals and Energy has reached a definitive agreement to acquire Chevron Phillips Singapore Chemicals Pte Ltd (CPSC), marking its latest strategic move to consolidate its presence in Southeast Asia’s petrochemical landscape. The acquisition, made through Aster’s affiliate Chandra Asri Capital Pte Ltd, includes CPSC’s HDPE facility on Jurong Island with a production capacity of 400,000 tons/year.
CPSC, a joint venture between Chevron Phillips Chemical, EDB Investments, and Sumitomo Chemical, will be fully integrated into the Aster group following the transaction’s close, subject to standard regulatory approvals.
This latest purchase comes just weeks after Aster completed the takeover of Shell Singapore Pte Ltd on 03 April, a deal that granted it ownership of a 237,000 barrels-per-day (bpd) crude distillation unit and a 1 million tons/year steam cracker on Bukom Island. With these back-to-back acquisitions, Aster is positioning itself as a vertically integrated chemical and energy powerhouse in the region, controlling upstream refining, midstream cracking, and downstream polymer production assets across Singapore’s Bukom and Jurong industrial zones.
Aster Chemicals and Energy is a joint venture between Indonesia’s leading petrochemical company, Chandra Asri, and global commodities trader Glencore. Chandra Asri operates Indonesia’s largest integrated petrochemical complex, including a 900,000 tons/year ethylene and 490,000 tons/year propylene cracker in Cilegon, and over 1.3 million tons/year of polyolefin capacity.
The integration of CPSC into Aster’s portfolio will expand its PE production footprint, bolstering its ability to serve both regional and international markets more competitively. Coupled with Aster’s infrastructure assets—including jetty, tank farms, and utilities—this acquisition signals a broader push toward building a Southeast Asian chemicals and energy hub anchored in Singapore and Indonesia.
Market watchers see the consolidation as a significant reshaping of the regional supply chain. With global players like Shell and Chevron Phillips divesting, Aster’s emergence reflects a growing shift toward Asia-led ownership and operation of critical infrastructure in the chemical sector.