Aster to acquire Chevron Phillips Singapore Chemicals
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SINGAPORE, May 7 (Reuters) - Aster Chemicals and Energy will acquire Chevron Phillips Singapore Chemicals through its affiliate Chandra Asri Capital, the company said in a press release on Wednesday.
Chevron Phillips Singapore Chemicals currently operates a 400,000 metric ton per year (tpy) polyethylene facility a building block in Singapore's Jurong Island.
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Polyethylene is a type of plastic resin used in the packaging, construction and medical industries.
"This acquisition represents a key achievement for Aster, supporting our strategic goals with new capabilities and strengthening our offerings to customers," the CEO of Singapore-based Aster Chemicals and Energy, Erwin Ciputra, said.
The company did not reveal the investment value of this acquisition.
Last month, Aster Chemicals and Energy, a joint venture between Chandra Asri and Glencore (GLEN.L), opens new tab, completed its purchase of Shell's Singapore refinery and refining assets.
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