Recently, Astor Chemicals and Energy Corporation have been quite active in asset mergers and acquisitions. In April, the company acquired Shell's refining and chemical assets in Singapore; a month later, the company also acquired Chevron Phillips Singapore Chemicals, which owns and operates a polyethylene manufacturing facility in Jurong Island.
Aster Chemicals and Energy is currently in exclusive negotiations with ExxonMobil to acquire its gas station in Singapore, according to people familiar with the matter.
Bloomberg quoted sources on Thursday (July 10) as saying that Astor Chemicals and Energy beat other global competitors in the bid to become the most likely potential buyer to stand out, and are currently in-depth consultations on details such as transaction prices and structure.
ExxonMobil declined to comment on the above news, while Astor Chemicals and Energy has not responded yet.
According to ExxonMobil's website information, the company has been in Singapore for more than 130 years. In addition to gas stations, the company also owns an oil refinery, chemical and lubricating oil plant, as well as a fuel terminal and liquefied petroleum gas filling plant.
Bloomberg reported last year that ExxonMobil is working with a consulting company to plan to sell its 59 gas stations in Singapore, with a transaction price of about $1 billion. The people familiar with the matter also said at the time that ExxonMobil could use this to deploy more funds in areas with higher potential.
Aster Chemicals and Energy is a joint venture between Indonesian Chandra Asri Group and Swiss commodity trader Glencore.