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Aster Chemicals and Energy, the new operator of Singapore’s Bukom refining complex, is reportedly planning to bid for ExxonMobil’s (NYSE:XOM) network of petrol stations in Singapore, according to five sources familiar with the matter. The potential acquisition marks Aster’s push to expand into retail fuel sales.
ExxonMobil is set to enter the binding bid phase in May for its 58 petrol kiosks, which are collectively valued at around $1 billion. However, sources indicate that none of the early offers have reached that valuation. Private equity firms and asset managers have also expressed interest, although their identities remain undisclosed.
The sale would signify ExxonMobil’s full exit from Singapore’s retail fuel market as the country advances its electric vehicle (EV) transition strategy aimed at cutting land transport emissions. The move follows Exxon’s 2023 sale of its gas stations in Thailand to Bangchak Petroleum for $603 million.
UK-based Barclays is advising ExxonMobil on the Singapore divestment. Both Barclays and Aster Chemicals have declined to comment on the ongoing deal. An Exxon spokesperson also refrained from confirming the bid, citing a policy against market speculation.
Aster is a joint venture between Indonesia’s Chandra Asri Group and global commodity giant Glencore (OTC:GLNCY). The company recently acquired Shell’s refining and petrochemical assets in Singapore, though that deal did not include Shell’s local petrol stations.
In a brief statement, Aster noted it “continuously evaluates market opportunities where they align with our strategic priorities.”
The sale underscores how global oil majors are adjusting portfolios in response to Asia’s accelerating EV adoption and decarbonization efforts, with Singapore emerging as a key market for energy transition investments.
