Changi Airport in Singapore. Photographer: SeongJoon Cho/Bloomberg
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Aster—controlled by Indonesian billionaire Prajogo Pangestu’s Chandra Asri Pacific—has agreed to acquire a stake in Changi Airport Fuel Hydrant Installation, marking the energy and petrochemical group’s entry into the aviation fuel market as it deepens investments in Singapore.
The acquisition will enable Aster to join other major energy companies in providing aviation fuel directly to international airlines at Changi Airport, one of the world’s busiest aviation hubs, according to a statement on Friday. Aster didn’t disclose financial details of the transaction, which is subject to regulatory approvals and other conditions.
“The acquisition represents an important step in Aster’s expansion into aviation fuels,” Andre Khor, deputy CEO of Singapore-based Aster. “Combined with our refining and storage operations and growing capabilities in sustainable aviation fuel, it strengthens our position to support the evolving energy needs of aviation in Singapore and the region, in serving one of the world’s leading aviation hubs.”
The investment complements Aster’s sustainable aviation fuel (SAF) business. In November, Aster partnered with Aether Fuels—a Forbes Asia 100 to Watch alum—to develop an SAF manufacturing facility at Pulau Bukom, Singapore’s oil refining hub, with commercial operations expected to begin in 2028. The plant will produce up to 50 barrels of SAF per day, or 2,000 tons annually. Aster is also working with Keppel’s infrastructure division to develop an ethanol-to-jet SAF facility on Jurong Island.
The deal comes just a week after Chandra Asri agreed to buy Jardine Cycle & Carriage’s car dealership business in Malaysia and Singapore for S$265 million ($208 million), marking the group’s first foray into the automotive sector. The Jakarta-listed company has been steadily expanding in Singapore. In April 2025, it and commodities giant Glencore acquired Shell’s refinery and petrochemical assets in the city-state. Five months later, the group bought Esso’s network of petrol stations in Singapore.
Aster is part of Chandra Asri, which is controlled by Barito Pacific, the timber company that Pangestu transformed into an energy and petrochemicals giant. Pangestu is one of Indonesia’s wealthiest people, with a net worth of $17.2 billion, according to Forbes’ real-time data. His interests also include coal mining company Petrindo Jaya Kreasi, which went public in 2023.