The deal, expected to be completed by the end of the year pending regulatory approvals, includes nearly 60 stations along with associated supply agreements. Financial terms were not disclosed. Chandra Asri said it will continue using the Esso brand, source fuels for the stations from Exxon, and retain Exxon staff managing the network.
The announcement confirms a Reuters report from April that Chandra Asri’s joint venture was in talks with ExxonMobil to purchase the assets as the U.S. company exited Singapore’s retail fuel market.
Shares of Chandra Asri Pacific rose 2.1% on Friday, according to LSEG data. The stock has declined about 2.7% year-to-date, with a market capitalization near $37 billion.
Chandra Asri, in partnership with Glencore, owns Aster Chemicals and Energy and has recently pursued several investments, including an upgrade at Singapore’s Bukom refinery and the acquisition of a petrochemical plant operated by Chevron Phillips Singapore Chemicals.
ExxonMobil will continue operating its refining and petrochemical complex on Jurong Island to supply fuels to customers across the region and globally. Earlier, the company announced plans to reduce its 3,500-strong Singapore workforce by 10%–15% by 2027 as part of a global restructuring effort. The U.S. major also sold its retail network in Thailand to Bangchak Petroleum for $603 million in 2023.
UK bank Barclays acted as ExxonMobil’s financial adviser for the Singapore deal, while global law firm Baker McKenzie represented Chandra Asri Pacific.