Latest news with #PrajogoPangestu
Forbes
08-05-2025
- Business
- Forbes
Indonesian Billionaire's Chandra Asri Expands In Singapore With Chevron Phillips Deal
Storage tanks at the Shell refinery on Pulau Bukom in Singapore on Wednesday, 25 August 2021. A joint venture backed by Indonesian billionaire Prajogo Pangestu's Chandra Asri and commodities trader Glencore is expanding its presence in Singapore, with the acquisition of Chevron Phillips' polyethylene manufacturing operations. Under the deal, Aster Chemicals and Energy will buy Chevron Phillips Singapore Chemicals' manufacturing facility, which annually produces 400,000 tons of high-density polyethylene that's used to make plastic bottles and food containers, the company said in a statement. The sale was approved by Chevron Phillips and its partners including EDB Investments and Sumitomo Chemical Co. Financial details weren't disclosed. 'This acquisition represents a key achievement for Aster, supporting our strategic goals with new capabilities and strengthening our offerings to customers,' Erwin Ciputra, group CEO of Aster said in the statement. The deal comes a month after another Chandra Asri and Glencore joint venture completed the acquisition of Shell's refinery and petrochemical assets in Singapore. The latest acquisition bolsters group's position in the Southeast Asian petrochemical hub where it also operates a refinery capable of producing 237,000 barrels of oil per day, an ethylene cracker on Pulau Bukom as well as a petrochemical plant on Jurong Island. Jakarta-listed Chandra Asri is part of Barito Pacific, a company originally focused on timber that tycoon Prajogo Pangestu transformed into a major player in energy and petrochemicals. With a real-time net worth of $19.8 billion, Pangestu ranks among Indonesia's wealthiest individuals. He also holds stakes in Petrindo Jaya Kreasi, a coal mining firm, and Barito Renewables—both of which went public in 2023.
Forbes
10-04-2025
- Business
- Forbes
Indonesian Billionaire Prajogo Pangestu's Petrosea Wins $954 Million Mining Contract From Vale
Petrosea—a provider of mining engineering services backed by Indonesian billionaire Prajogo Pangestu—said it won a 16 trillion rupiah ($954 million) contract from the Indonesian unit of Vale, deepening its partnership with the Brazilian miner. Under the deal, Jakarta-listed Petrosea will provide Vale Indonesia nickel mining and transport services from its mines in Morowali in central Sulawesi—about 2,500 kilometers east of Jakarta—for the next 10 years, according to an exchange filing earlier this week. Vale's nickel mine in Morowali covers nearly 23,000 hectares and has a production capacity of 73,000 tons per year. The ore will supply a nickel smelter operated by Vale and its partner, located in the southeastern part of Morowali. Last July, Petrosea also won a 2.8 trillion rupiah contract from Vale to procure and build a mine in the Pomalaa block, located in southeast Sulawesi. That boosted the company's order book to more than 64 trillion rupiah by the end of 2024. With a real-time net worth of $15 billion, Pangestu ranks among Indonesia's wealthiest individuals. He holds stakes in coal mining company Petrindo Jaya Kreasi, the biggest shareholder Petrosea, as well as in Barito Renewables—both of which went public in 2023. Apart from his mining assets, Pangestu has been expanding his interests in energy and petrochemicals. A joint venture backed by Pangestu's Chandra Asri and global commodities trader Glencore recently completed the acquisition of Shell's refinery and petrochemical assets in Singapore.
