SINGAPORE: Indonesian petrochemical giant Chandra Asri Pacific has announced the acquisition of the retail gas station business of Esso, a brand owned by US energy major ExxonMobil, in Singapore.
In a statement released today (Oct 24), Chandra Asri Pacific said the deal covers nearly 60 petrol stations across Singapore, along with related supply contracts. The company did not disclose the value of the acquisition.
Chandra Asri Pacific said it will continue operating the stations under the Esso brand and will keep purchasing fuel from ExxonMobil. It is assured that existing customer loyalty points and membership cards will remain valid for current patrons.
The move marks Chandra Asri Pacific’s expansion into Singapore’s retail fuel market and follows reports earlier this year that ExxonMobil was seeking to divest its local retail operations. In April, Reuters reported that ExxonMobil was in talks to sell its assets as part of its strategy to exit the market.
Earlier this month, ExxonMobil announced plans to reduce its Singapore workforce by 10% to 15%, potentially affecting up to 500 out of its 3,500 employees.
The layoffs are part of a broader global restructuring effort that will see the company cut around 2,000 jobs worldwide, representing between 3% and 4% of its total workforce.
The acquisition by Chandra Asri Pacific signals growing regional ambitions by one of Indonesia’s largest petrochemical firms, as global energy companies continue to streamline their downstream operations in Southeast Asia.
