Indonesia's Chandra Asri to Acquire ExxonMobil's Singapore Esso Petrol Kiosk Chain
Chandra Asri Pacific has announced its intention to acquire ExxonMobil's network of Esso-branded retail fuel stations in Singapore.
The deal, valued at around US$1 billion, includes nearly 60 stations and associated supply agreements, and is expected to be completed by the end of this year, subject to regulatory approvals.
"The decision to move to a branded wholesale model aligns with how we market fuels around the world and reflects our ongoing efforts to strengthen our business portfolio."
An ExxonMobil spokesperson provided this statement in response to queries from The Business Times.
Chandra Asri Pacific entered into a sale and purchase agreement through a special purpose vehicle under its wholly owned subsidiary.
Author's Summary
Chandra Asri Pacific to buy ExxonMobil's Singapore Esso petrol kiosk chain for US$1 billion.