Aster Chemicals in talks to buy Exxon Singapore gas stations

Deal value estimated at US$1b.

Aster Chemicals and Energy Pte, a joint venture between Indonesia’s Chandra Asri Group and Glencore Plc, is in talks to buy ExxonMobil’s gas station business in Singapore, according to a Bloomberg report.

The JV is the leading bidder after surpassing other global competitors and is now negotiating key terms, including price and structure. While negotiations are ongoing, the sources noted that ExxonMobil could still decide to retain the assets.

As per a Bloomberg News reported last year, Exxon has been working with an adviser to sell its 59 Esso-branded gas stations in Singapore, a deal that could be worth around US$1b.

The sale would allow Exxon to redirect capital to higher-growth areas.