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Chevron Phillips Chemical (CPChem) has announced a definitive agreement under which the shareholders of its Singaporean affiliate, Chevron Phillips Singapore Chemicals (CPSC), will sell their entire stake in the company to Aster Chemicals and Energy, a joint venture between Chandra Asri and Glencore. The transaction is valued at an undisclosed amount.

Chevron Phillips Singapore Chemicals operates a significant high-density polyethylene (HDPE) manufacturing facility situated on Jurong Island, Singapore. This state-of-the-art plant boasts an annual production capacity of approximately 400 kilotonnes per annum (KTA), playing a crucial role in the regional supply of this versatile plastic. HDPE is widely used in the production of various essential goods, including packaging materials, pipes, containers, and automotive parts.

The acquisition by Aster Chemicals and Energy, through its affiliate Chandra Asri, signifies a notable expansion of their petrochemical manufacturing footprint in Southeast Asia. Chandra Asri is Indonesia鈥檚 largest integrated petrochemical company, and this acquisition aligns with its strategy to enhance its product portfolio and strengthen its presence in the burgeoning regional market. Glencore, a global commodity trading and mining giant, brings its extensive trading network and market expertise to the joint venture.

The approximately 150 employees currently working at the CPSC facility on Jurong Island are expected to be offered the opportunity to join the Aster organization, ensuring a degree of continuity and leveraging the existing expertise within the plant. This transition aims to maintain operational stability and facilitate a smooth integration of the facility into Aster's broader operations.

Justine Smith, Executive Vice President of Commercial at CPChem, commented on the transaction, stating, "CPSC is an excellent strategic fit for Aster, and we are confident the business will thrive as part of its portfolio. With this transaction, we are optimizing our asset portfolio to ensure we remain competitive and continue to serve as the supplier of choice to our global customers.鈥� Smith emphasized CPChem's commitment to its global customer base and its ongoing efforts to enhance its operational efficiency and competitiveness.

While CPChem is divesting its manufacturing interests in Singapore, the company has affirmed its long-term commitment to the Asia-Pacific region. Its Asia headquarters, which oversees the sales and marketing of CPChem鈥檚 diverse range of products throughout the region, will remain strategically located in Singapore. This presence underscores the importance of the Asian market to CPChem鈥檚 global strategy and its dedication to serving customers across the continent.