SINGAPORE, 24 October 2025 — PT. Chandra Asri Pacific Tbk (Chandra Asri Group), Southeast Asia’s leading energy, chemical and infrastructure solutions company, has entered into a Sale and Purchase Agreement (SPA) to acquire ExxonMobil’s network of Esso-branded retail service stations in Singapore. The deal will be executed through a special purpose vehicle under Chandra Asri’s wholly-owned subsidiary.
The acquisition aligns with Chandra Asri’s long-term growth strategy of building an integrated energy infrastructure to serve Singapore and Southeast Asia’s evolving energy and mobility markets.
“Our expansion into Singapore’s retail fuels ecosystem represents a strategic step in shaping an integrated platform for regional growth,” said Erwin Ciputra, President Director and CEO of Chandra Asri Group.
“Singapore’s robust fuel retail network and business environment provide a compelling foundation for Chandra Asri to advance as a transformative energy, manufacturing, and infrastructure solutions leader in Southeast Asia.
“Together with Aster, through our integrated oil refinery and advanced downstream manufacturing infrastructure, we aim to strengthen Singapore’s operational agility, energy resilience, and competitiveness as a leading regional energy hub.”
Under the agreement, Chandra Asri will continue to use the Esso brand and purchase branded fuels from ExxonMobil, ensuring brand consistency and customer confidence. All customer loyalty points and cards will remain valid, while existing ExxonMobil staff managing the retail operations will transition under Chandra Asri’s management to maintain business continuity.
The transaction is subject to regulatory approval and is expected to be completed by the end of 2025.
The deal follows a Bloomberg report in December 2024 that Exxon Mobil Corp. was considering a sale of its Singapore gas station network, which could raise around US$1 billion (S$1.35 billion / RM4.5 billion). According to sources familiar with the matter, the US oil major engaged financial advisers to explore potential buyers, attracting early interest from industry players and investment funds.
A sale would allow ExxonMobil to free up capital for redeployment into higher-growth areas, reflecting the company’s broader strategy of optimising its global portfolio. While preliminary at the time, the move was consistent with similar divestment efforts across the industry; Chevron Corp., for instance, has been considering a sale of its Caltex-branded service stations in Hong Kong, also amid investor interest.
ExxonMobil has operated in Singapore for more than 130 years, with a network of 59 Esso-branded service stations, alongside major assets including a refinery, chemical and lubricant plants, a fuels terminal, and a liquefied petroleum gas bottling plant.
