Indonesia’s Chandra Asri to buy ExxonMobil’s Singapore Esso petrol kiosk network
[SINGAPORE] Chandra Asri Pacific said on Friday (Oct 24) that it would acquire ExxonMobil’s network of Esso-branded retail fuel stations in Singapore.
“The company has entered into a Sale and Purchase Agreement to acquire ExxonMobil’s network of Esso-branded retail service stations in Singapore through a special purpose vehicle under its wholly-owned subsidiary,” the company said in a statement.
The deal, which includes nearly 60 stations and associated supply agreements, is expected to be completed by the end of this year, subject to regulatory approvals. The value of the deal was not disclosed, although a recent Bloomberg report had said they could be valued at about US$1 billion.
Chandra Asri said: “This strategic acquisition aligns with the company’s long-term growth strategy, which focuses on developing integrated energy infrastructure for the energy and mobility solutions market in Singapore and South-east Asia.
It would help Chandra Asri’s regional expansion, and leverage Singapore’s robust retail fuel network and strong business climate as a solid foundation for growth, the company said.
President director and chief executive officer Erwin Ciputra emphasised that this move strengthens the company’s position as a leader in energy solutions, manufacturing, and infrastructure in the region.
Chandra Asri Group will continue to use the Esso brand, continue purchasing branded fuel from ExxonMobil, and maintain all existing customer loyalty points and cards. REUTERS
