Chevron Phillips Chemical Sells Singapore Petrochemical Complex

Chevron Phillips Chemical (CPChem) has agreed to sell its stake in Chevron Phillips Singapore Chemicals (CPSC) to Chandra Asri Capital Pte Ltd., an affiliate of Aster Chemicals and Energy. CPSC is a polyethylene manufacturing joint venture located on Jurong Island, Singapore.

After the transaction is completed, approximately 150 current CPSC employees will have the opportunity to join Aster Chemicals and Energy. CPSC operates a high-density polyethylene (HDPE) plant with an annual capacity of 400,000 tons. The sale is a strategic move by CPChem to optimize its global manufacturing layout, but the company will still retain its Asia-Pacific headquarters in Singapore for sales and marketing operations.

Justine Smith, executive vice president and chief commercial officer of CPChem, said the transaction will help optimize the asset portfolio and maintain the company's global competitiveness. Aster CEO Erwin Ciputra said the acquisition of CPSC will enhance its business capabilities and provide customers with more comprehensive product support.

Aster has expanded rapidly in Singapore in recent years. In April 2025, the company acquired Shell's refining and petrochemical complexes in Bukidnan and Jurong Island and renamed them Aster Energy and Chemical Park. The acquisition of CPSC will further consolidate Aster's position in the energy and chemical industry in Southeast Asia. In addition, Aster also plans to bid for ExxonMobil's retail fuel station network in Singapore to improve its industrial chain layout.

The sale comes at a time when Chevron is considering acquiring Phillip 66's 50% stake in CPChem. Phillip 66 is planning to divest non-core assets due to investor pressure. CPChem optimizes its global layout by selling non-core businesses such as the Singapore plant to focus on high-profit integrated operations.