Esso fuel station in Singapore
ExxonMobil
Chandra Asri Pacific—controlled by Indonesian tycoon Prajogo Pangestu—said it has obtained $750 million in financing from New York-based private equity firm KKR to support the acquisition of Esso petrol stations in Singapore.
Last month, Chandra Asri agreed to buy the 60 Esso petrol stations in the Lion City from ExxonMobil, deepening its reach in the city-state where it owns and operates an oil refinery and petrochemical facilities.
“Our collaboration with a leading global investment firm reinforces strong confidence in Chandra Asri’s transformation journey and the quality of our expanding downstream energy platform,” Andre Khor, chief financial officer of Chandra Asri said in a joint statement with KKR. “This strategic partnership enables us to pursue our growth objectives with prudent financial discipline, while continuing to deliver reliable and sustainable energy solutions across the region.”
Chandra Asri has been doubling down on its investments in Singapore. The Esso deal comes after Aster Chemicals and Energy—a joint venture between Chandra Asri and commodities giant Glencore—completed in April the purchase of Shell’s refinery and petrochemical assets in Singapore at a reported price tag of about $1 billion.
Aster reportedly plans additional investments of $2 billion in Singapore. These include the proposed acquisition of Esso’s fuel stations which will be completed by the end of the year and upgrading of oil refinery and petrochemical facilities as well as production of renewable energy products such as sustainable aviation fuel.
“We look forward to supporting Chandra Asri’s continued growth as its strengthens its downstream energy and retail presence in Singapore,” SJ Lim, managing director and head of Asia private credit at KKR,” said in the statement.
Chandra Asri is part of Barito Pacific, a timber company that Pangestu transformed into an energy and petrochemicals giant. Pangestu is Indonesia’s richest tycoon with a net worth of over $44 billion based on Forbes’ real-time data. His interests include coal mining firm Petrindo Jaya Kreasi which went public in 2023.