Aster Chemicals and Energy has reached a sales and purchase agreement to acquire Chevron Phillips Singapore Chemicals (CPSC), which owns a 400,000 t/yr high-density polyethylene (HDPE) manufacturing facility on Singapore's Jurong Island.
Aster will acquire CPSC through its affiliate Chandra Asri for an undisclosed sum.
CPSC's plant produces mainly HDPE blow moulding grades and some HDPE film grades for exports to regional countries at preferential tariffs. The plant sources feedstock ethylene supplies from Singapore-based producer PCS' crackers on Jurong Island, according to market sources.
CPSC is jointly owned by Chevron Phillips with a 50pc share, Singapore's EDB Investments with 30pc and Japan's Sumitomo Chemical with 20pc.
Aster is owned by CAPGC, an 80:20 joint venture between Indonesian petrochemical producer Chandra Asri and Swiss trading firm Glencore.
CAPGC acquired Shell's refinery and chemical assets in Singapore in May last year. The deal includes a 237,000 b/d refinery, a 1.1mn t/yr ethylene cracker and a 380,000 t/yr Group I base oil plant on Bukom island, as well as a 2.5mn t/yr chemical complex on Jurong Island.
