SINGAPORE – Aster Chemicals and Energy, a joint venture between Indonesia’s Chandra Asri Group and global commodities trader Glencore, is in exclusive talks to buy oil major Exxon Mobil Corp.’s petrol stations in Singapore, according to people with knowledge of the matter.

The explorer has emerged as the likeliest buyer after outbidding other global rivals, and is now hammering out details of the deal such as price and transaction structure, said the people, asking not to be named as the talks are private. 

Deliberations are ongoing and Exxon could still opt to keep the assets, they said.

Exxon has been working with an adviser to help sell its 59 Esso petrol stations in Singapore, a disposal that could be worth about US$1 billion (S$1.28 billion), Bloomberg News reported in 2024. The sale would allow the company to deploy more capital in areas of higher growth potential, people familiar with the matter said at the time.

A representative for Exxon said in a statement that as a matter of practice, the company doesn’t comment on market rumours and speculation, while Aster didn’t immediately respond to a request for comment.

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

ExxonMobil Asia Pacific has more than $25 billion in fixed asset investments in Singapore.

The Chandra Asri-Glencore joint venture has been active in dealmaking, with acquisitions including the purchase of Shell’s Singapore refining and chemicals assets in April. A month later it also bought Chevron Phillips Singapore Chemicals, which owns and operates a polyethylene manufacturing facility on Singapore’s Jurong Island. BLOOMBERG

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