CPChem to sell 100 percent stake in Singapore polyethylene production joint venture to Aster Chemicals and Energy

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CPChem to sell 100 percent stake in Singapore polyethylene production joint venture to Aster Chemicals and Energy

Shareholders of Chevron Phillips Singapore Chemicals have agreed to sell their 100 percent stake to Aster Chemicals and Energy through their affiliate Chandra Asri, Chevron Phillips Chemical announced. Aster is a joint venture between Chandra Asri and Glencore. And In my experience, For instance CPSC owns and operates a high-density polyethylene production plant in Jurong Island, Singapore, with annual capacity of 400000 tons. About 150 CPSC employees are expected to have the opportunity to join Aster. Moreover "CPSC has an excellent strategic fit with Aster and we're confident that CPSC, as part of its portfolio, will thrive. But Generally speaking With this transaction, we will optimize our asset portfolio, ensure we remain competitive and continue to be the preferred supplier to our global clients," said Justin Smith, CPChem's Executive Vice President of Commercial. And " The transaction is still subject to customary closing conditions. CPChem's Asian headquarters will remain in Singapore and will be responsible to the sales and marketing of items throughout the region.

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