Aster Chemicals Eyes Singapore Exxon Mobil Stations
Deal News | Apr 25, 2025 | Zawya
Aster Chemicals and Energy is reportedly planning to bid for Exxon Mobil's retail petrol stations in Singapore. The sale, set to enter the formal bidding stage with binding offers due in May, is part of Exxon's strategy to exit Singapore's retail fuel sector, aligning with governmental goals to reduce emissions. The 58 petrol kiosks are valued at approximately $1 billion. Barclays is advising Exxon on this deal. Aster Chemicals, a joint venture of Chandra Group and Glencore, is strategically positioning itself to expand its footprint following its acquisition of Shell's refining assets in Singapore. Despite interest from private equity firms and asset managers, initial bids have not surpassed the $1 billion valuation.
Sectors
- Oil & Gas
- Private Equity & Asset Management
- Automotive & Transportation
Geography
- Singapore – The primary location of the petrol stations in question and the axial point of Aster Chemicals' expansion strategy.
- Indonesia – Part of Aster's operational base through its relation to Chandra Group.
- United Kingdom – Location of Barclays, the advisory firm for Exxon Mobil in this transaction.
Industry
- Oil & Gas – The Oil & Gas industry is central to the operations of Exxon Mobil and Aster Chemicals, as they engage in refining and retail fuel sales.
- Private Equity & Asset Management – The industry pertains to the private equity firms and asset managers showing interest in the acquisition of Exxon Mobil's petrol kiosks.
- Automotive & Transportation – Relevant due to the government's directive to encourage electric vehicle adoption, impacting the future of fuel retail sectors.
Financials
- $1 billion – Estimated value of the 58 Exxon Mobil petrol kiosks in Singapore.
- $603 million – Sale price of Exxon's gas stations in Thailand to Bangchak Petroleum in 2023.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Aster Chemicals and Energy | Bidding Company | Company | A joint venture of Indonesia's Chandra Group and Glencore, involved in bidding for Exxon's Singapore petrol stations. |
| Exxon Mobil | Target Company | Company | A multinational oil and gas corporation selling its Singapore fuel stations to exit the local retail sector. |
| Barclays | Adviser | Company | The advisory entity for Exxon Mobil in this fuel station sale transaction. |
| Chandra Group | Shareholder | Company | An Indonesian conglomerate and part of the joint venture as Aster's parent company. |
| Glencore | Shareholder | Company | A global commodities trader, involved in the joint venture with Chandra Group as part of Aster. |