Aster Chemicals in Exclusive Talks to Acquire Exxon's Singapore Gas Stations

Aster Chemicals and Energy, a joint venture between Indonesia's Chandra Asri Group and Glencore, is in talks to buy Exxon Mobil's gas stations in Singapore. The company has emerged as the likeliest buyer after outbidding other global rivals. Talks are ongoing to finalize the deal, including the purchase price and transaction structure.

Exxon Mobil Corp. is in exclusive talks to sell its 59 gasoline stations in Singapore to Aster Chemicals and Energy, a joint venture between Glencore and Indonesia's Chandra Asri Group. The deal, if finalized, could be worth about US$1 billion [1].

Aster Chemicals and Energy has emerged as the likeliest buyer after outbidding other global rivals. The company is currently in talks to finalize the deal, including the purchase price and transaction structure. Deliberations are ongoing, and Exxon could still opt to keep the assets [2].

Exxon has been working with an adviser to help sell its gas stations in Singapore. The sale would allow the company to deploy more capital in areas of higher growth potential. ExxonMobil Asia Pacific Pte has more than S$25 billion in fixed asset investments in Singapore [3].

The American oil major has been operating in Singapore for more than 130 years, distributing fuel under the Esso brand. Its operations in the city-state also include a refinery, chemical and lubricant plants, a fuel terminal, and a liquefied petroleum gas bottling plant.

References:
[1] https://www.bloomberg.com/news/articles/2025-07-10/aster-chemicals-is-said-in-talks-to-buy-exxon-singapore-stations
[2] https://seekingalpha.com/news/4466562-exxon-in-talks-to-sell-singapore-gas-stations-for-1b-bloomberg
[3] https://www.businesstimes.com.sg/companies-markets/energy-commodities/aster-said-talks-buy-exxon-singapore-stations-sources