Indonesian Billionaire’s Chandra Asri Acquires ExxonMobil’s Singapore Fuel Station Network

Major Expansion in Singapore’s Fuel Retail Market

Indonesian energy conglomerate Chandra Asri Pacific, controlled by billionaire Prajogo Pangestu, has agreed to acquire ExxonMobil’s Esso-branded fuel service stations in Singapore, according to company statements. This strategic move significantly expands the company’s presence in the city-state where it already operates substantial refining and petrochemical infrastructure.

Major Expansion in Singapore’s Fuel Retail Market
Building an Integrated Energy Platform
Strategic Regional Positioning
Prajogo Pangestu’s Energy Empire

The acquisition, reportedly structured through a special purpose vehicle wholly-owned by a Chandra Asri subsidiary, will transfer ownership of Esso’s 60 petrol stations across Singapore. Sources indicate the transaction is expected to finalize by the end of 2025, pending necessary regulatory approvals. Financial terms of the agreement were not disclosed in the official announcement., according to industry news

Building an Integrated Energy Platform

This acquisition represents the latest in a series of strategic expansions by Chandra Asri in the Singapore market. Analysts suggest the move follows the company’s recent majority-owned joint venture with Glencore, which completed the purchase of Shell’s refinery and petrochemical assets in Singapore last April at a reported price of approximately $1 billion.

Erwin Ciputra, President and CEO of Chandra Asri, stated in the company‘s announcement that “our expansion into Singapore’s retail fuels ecosystem represents a strategic step in shaping an integrated platform for regional growth.” He further emphasized that “Singapore’s robust fuel retail network and business environment provide a compelling foundation for Chandra Asri to advance as a transformative energy, manufacturing and infrastructure solutions leader in Southeast Asia.”

Strategic Regional Positioning

Chandra Asri and its Singapore-based unit Aster Chemicals and Energy currently operate an integrated oil refinery and advanced downstream petrochemical manufacturing infrastructure in the city-state. The acquisition of ExxonMobil’s retail network positions the company to capture value across the entire energy supply chain, from refining to direct consumer sales.

Beyond its Singapore expansion, reports indicate Chandra Asri is simultaneously developing facilities to manufacture caustic soda, a critical component in electric vehicle battery production, outside the Indonesian capital. This diversification strategy suggests the company is positioning itself for both traditional energy markets and emerging clean energy technologies.

Prajogo Pangestu’s Energy Empire

Chandra Asri operates as part of Barito Pacific, a company that Pangestu transformed from a timber business into an energy and petrochemicals giant. According to Forbes’ real-time data, Pangestu ranks as Indonesia’s wealthiest tycoon with an estimated net worth of $44 billion. His business interests extend beyond energy to include coal mining company Petrindo Jaya Kreasi, which went public in 2023.

Industry analysts suggest this acquisition demonstrates the continued expansion of Indonesian conglomerates into regional markets, leveraging Singapore’s strategic position as a global energy hub. The move also reflects growing consolidation in Southeast Asia’s energy sector as companies seek to build comprehensive, integrated operations across multiple markets.