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View all search resultsChandra Asri to acquire ExxonMobil’s gas stations in Singapore
Under the agreement, Chandra Asri will continue to operate the stations under the Esso brand and source branded fuels from ExxonMobil, while retaining all current employees involved in running the business.
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A photo of Esso fuel station in an undated photo. (ExxonMobil/-)
I
ndonesia’s petrochemical and energy company PT Chandra Asri Pacific is set to acquire ExxonMobil’s Esso-branded retail fuel network in Singapore, marking its first foray into the city-state’s downstream fuel sector.
The company announced the deal on Friday, saying the transaction would be carried out through a special purpose vehicle (SPV) owned by a wholly owned subsidiary of the group.
The transaction, which remains subject to regulatory approval, is expected to be completed by the end of this year. The financial terms of the agreement were not disclosed.
“Expanding into Singapore’s retail fuel ecosystem is a strategic step toward developing an integrated platform for regional growth,” said Chandra Asri president director and CEO Erwin Ciputra in a statement.
Chandra Asri said the acquisition supports its long-term plan to build an integrated energy and mobility platform across Southeast Asia, as the group seeks to diversify beyond its core petrochemical business.
“The strong retail fuel network and business climate in Singapore provide a solid foundation for Chandra Asri Group to continue growing as a leader in energy, manufacturing and infrastructure solutions in Southeast Asia,” Erwin added.
Under the agreement, Chandra Asri will continue to operate the stations under the Esso brand and source branded fuels from ExxonMobil. The group will also retain all current employees involved in running the business.
