CPChem agrees to sell interest in Singapore polyethylene manufacturing joint venture
THE WOODLANDS, Texas–(BUSINESS WIRE)–Chevron Phillips Chemical announced today that the shareholders of Chevron Phillips Singapore Chemicals have agreed to sell 100% of their shares to Aster Chemicals and Energy through its affiliate Chandra Asri. Aster is a joint venture company between Chandra Asri and Glencore.
CPSC owns and operates a high-density polyethylene manufacturing facility on Jurong Island, Singapore, with an annual production capacity of 400 KTA. The approximately 150 employees of CPSC are expected to have the opportunity to join Aster.
“CPSC is an excellent strategic fit for Aster, and we are confident the business will thrive as part of its portfolio,” CPChem Executive Vice President of Commercial Justine Smith said. “With this transaction, we are optimizing our asset portfolio to ensure we remain competitive and continue to serve as the supplier of choice to our global customers.”
The transaction remains subject to customary closing conditions.
CPChem’s Asia headquarters, responsible for the sales and marketing of products throughout the region, will remain in Singapore.
About Chevron Phillips Chemical
“Chevron Phillips Chemical” includes Chevron Phillips Chemical Company LLC and its wholly owned subsidiaries. Chevron Phillips Chemical is one of the world’s top producers of olefins and polyolefins and a leading supplier of aromatics, alpha olefins, styrenics, specialty chemicals, polyethylene piping and polymer resins. With more than 5,000 employees, Chevron Phillips Chemical and its affiliates own approximately $20 billion in assets, including 32 manufacturing and research facilities in six countries. Chevron Phillips Chemical is owned equally by Chevron U.S.A., Inc. and Phillips 66 Company, and is headquartered in The Woodlands, Texas. For more information about Chevron Phillips Chemical, visit www.cpchem.com and follow us on social media: @chevronphillips.
“Chevron Phillips Chemical” or “CPChem” may refer to one or more Chevron Phillips Chemical’s subsidiaries or affiliates or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.
Contacts
News inquiries:
Lisa Trow
TrowL@cpchem.com
