Chevron Phillips Chemical's Singapore HDPE complex | Credit: Chevron Phillips Chemical Co.
Chevron Phillips Chemical (CPChem) has agreed to sell its entire stake in Chevron Phillips Singapore Chemicals (CPSC), a high-density polyethylene (HDPE) manufacturing joint venture located on Jurong Island, Singapore. The buyer, Aster Chemicals and Energy—a joint venture between Indonesia’s Chandra Asri and global commodities trader Glencore—will acquire CPChem’s 50% interest, alongside stakes held by Singapore’s EDB Investments and Japan’s Sumitomo Chemical. The financial details of the transaction have not been disclosed, and the deal is subject to customary closing conditions.
CPSC’s facility, with an annual capacity of 400,000 metric tons of HDPE, is a significant supplier to regional markets, sourcing ethylene feedstock from local partners. The plant employs around 150 people, who are expected to be offered positions with Aster to support a smooth transition and maintain operational continuity.
This divestment aligns with CPChem’s broader strategy to streamline its global asset base and focus on more integrated, higher-margin operations. Despite the sale, CPChem will maintain its Asia-Pacific headquarters in Singapore, ensuring continued engagement with the region’s markets.
For Aster, this acquisition expands its manufacturing presence in Southeast Asia, complementing its recent purchase of Shell’s refinery and petrochemical assets in Singapore. The addition of CPSC’s HDPE plant is expected to strengthen Aster’s product portfolio and support its regional growth ambitions.
Overall, the transaction reflects ongoing changes in the global petrochemical sector, with companies seeking greater integration and efficiency. For Singapore, it highlights the continued attractiveness of Jurong Island as a site for advanced chemical manufacturing.
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