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. CPSC owns and operates a high-density polyethylene production plant in Jurong Island, Singapore, with an annual capacity of 400000 tons. About 150 CPSC employees are expected to have the opportunity to join Aster. "CPSC has an excellent strategic fit with Aster and we are confident that CPSC, as part of its portfolio, will thrive. With this transaction, we will optimize our asset portfolio, ensure we remain competitive and continue to be the preferred supplier for our global clients," said Justin Smith, CPChem's Executive Vice President of Commercial." The transaction is still subject to customary closing conditions. CPChem's Asian headquarters will remain in Singapore and will be responsible for the sales and marketing of products throughout the region.

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

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