ByIan Sayson,
Forbes Staff.
Chandra Asri Pacific—controlled by Indonesian tycoon Prajogo Pangestu—has agreed to buy ExxonMobil’s Esso-branded fuel service stations in Singapore, expanding its reach in the city-state where it owns and operates an oil refinery and petrochemical facilities.
Under a share purchase agreement, a special purpose vehicle wholly-owned by a subsidiary Chandra Asri will acquire the assets, Chandra Asri said in a statement without disclosing financial details. The transaction is expected to be completed by end 2025, subject to regulatory approvals, it said. Esso has 60 petrol stations in the city-state, according to its website.
The deal comes after Chandra Asri’s majority-owned joint venture with Glencore completed in April the purchase of Shell’s refinery and petrochemical assets in Singapore at a reported price tag of about $1 billion.
