SINGAPORE (Reuters) -Aster Chemicals and Energy will acquire Chevron Phillips Singapore Chemicals through its affiliate Chandra Asri Capital, the companies said on Wednesday.
They did not provide details on the value of the deal.
Chevron Phillips Singapore Chemicals currently operates a 400,000 metric ton per year (tpy) polyethylene facility in Singapore’s Jurong Island.
Polyethylene is a type of plastic resin used in the packaging, construction and medical industries.
“This acquisition represents a key achievement for Aster, supporting our strategic goals with new capabilities and strengthening our offerings to customers,” the CEO of Singapore-based Aster Chemicals and Energy, Erwin Ciputra, said.
The approximately 150 employees of Chevron Phillips Singapore Chemicals are expected to have the opportunity to join Aster, Chevron Phillips Chemical said in its statement.
The transaction remains subject to customary closing conditions.
Last month, Aster Chemicals and Energy, a joint venture between Chandra Asri and Glencore, completed its purchase of Shell’s Singapore refinery and refining assets.
(Reporting by Florence Tan and Trixie Yap; Editing by Himani Sarkar)
