Aster sets aside US$2 billion for Singapore investments; eyes more deals
Thursday, November 13 2025 - 10:22 AM WIB
Energy and chemicals player Aster has set aside US$2 billion in investments for the Singapore market, and is still looking at more deals, The Business Times reported, quoting its group chief financial officer Andre Khor.
“There are a few other deals in the pipeline,” he told The Business Times in an exclusive interview after the company signed a sustainable aviation fuel deal with Aether Fuels on Tuesday (Nov 11).
“I cannot disclose (the deals due to) confidentiality but, fundamentally, we’ll pull it all together. It’s about unlocking synergies; it’s about integrating Indonesia (and) Singapore,” said Khor.
Aster – a joint venture between Indonesia’s Chandra Asri and commodities trading house Glencore – has been on a shopping spree for energy-related assets this year.
During an earlier press conference on Tuesday, Khor revealed that the company has set aside US$2 billion “collectively” to rejuvenate its assets on Pulau Bukom and Jurong Island, as well as for backing “transformational technology”, such as sustainable aviation fuel.
The US$2 billion sum also includes Chandra Asri’s planned acquisition of ExxonMobil’s Esso petrol kiosk chain in Singapore. Media reports put the deal value at US$1 billion.
In April, Aster took over Shell’s refinery and ethylene cracker on Pulau Bukom, while also purchasing the oil major’s chemical plants on Jurong Island.
A month later, it agreed to acquire the polyethylene manufacturing operations of Chevron Phillips Singapore Chemicals, and then, in June, announced the purchase of a condensate splitter facility – a simpler form of a refinery – that was half-owned by Jurong Island petrochemicals player PCS.
In October, Aster also set up a new unit, Aster Power, to focus on energy and steam generation and renewable solutions.
The company’s latest deal, announced on Tuesday, is with startup Aether Fuels to set up a sustainable aviation fuel plant on Pulau Bukom.
Read also: Aster secures US$1B sustainability-linked loan facility
Asked if Aster’s next investments are set to be in Singapore or other markets, Khor would only say that the company is focused on being an energy, chemicals and infrastructure player “across South-east Asia”.
Besides the energy and chemicals business, Aster is also focused on engineering expertise, “leveraging the skills and talent” of its employees, he noted.
“We also have Aster ports and terminals. That’s where we want to leverage all the logistics capabilities that we have… 4.3 million cubic metres (of) storage,” he added. “We want to provide storage that’s secure, and can also support stable energy security for Singapore.”
“Strategic resilience”
Aster’s deal appetite stands out in the current oil and gas down cycle, with other oil majors downsizing operations and laying off staff.
Khor cites “strategic resilience” in describing Aster’s approach. “It’s important for us to invest through the cycle. We believe that this is not a destruction of the chemicals or refinery industry. We believe that this is a recalibration.”
He added: “We believe that there will be a consolidation of the industry, and, as we continue to invest, we will be able to have a sustainable and profitable business.”
As the group CFO sums up: “Watch this space.”
Editing by Reiner Simanjuntak