Aster Chemicals Eyes Exxon's Singapore Fuel Stations

Published 4 hours agoXOM

Aster Chemicals Eyes Exxon's Singapore Fuel Stations

Aster Chemicals and Energy, new operators of the Bukom refining complex in Singapore, are preparing to bid for Exxon Mobil's 58 petrol stations across the city-state. This sale, which has now entered its formal bidding phase, is expected to attract offers by May. Reuters reports the deal could reach a valuation of around $1 billion, yet no current bids have achieved that figure. This is part of Exxon's wider strategy to step away from Singapore's retail fuel market as the local government emphasizes a shift towards electric vehicles.

Aster Chemicals, a joint venture between Indonesia's Chandra Group and the global trading firm Glencore, is looking to enhance its retail footprint after acquiring refining and petrochemical assets from Shell in Singapore, though notably excluding fuel stations. Alongside Aster, private equity and asset management entities have also shown interest in the acquisition. Barclays, a UK bank, is on board as an advisor to Exxon concerning this transaction.

Neither Exxon Mobil nor the advising parties, including Aster and Barclays, have disclosed any comments regarding the sale. The current moves come as part of broader strategic decisions in response to changing regulatory landscapes and market conditions in Singapore.

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