Strategic Acquisition: Chandra Asri Partners with Glencore to Acquire SECP

JAKARTA, RAKYAT NEWS– PT Chandra Asri Pacific Tbk, known as the Chandra Asri Group, has announced a significant acquisition of Shell Energy and Chemicals Park (SECP) in Singapore, in partnership with Glencore plc. This move is set to enhance Chandra Asri’s footprint in the energy and chemicals sector.

The acquisition agreement was signed with Shell Singapore Pte. Ltd., covering the complete ownership of SECP. Regulatory approval for this transaction is anticipated to be finalized by the end of 2024.

Erwin Ciputra, the CEO of Chandra Asri Group, stated that the company’s strategic decisions aim to provide substantial benefits to Indonesia. “Our commitment is to be a growth partner for Indonesia,” he emphasized.

Ciputra elaborated that acquiring SECP aligns with Chandra Asri’s growth strategy to expand its operations beyond Indonesia, particularly in the energy, chemical, and infrastructure sectors.

This acquisition is also crucial for supporting Indonesia’s energy resilience and addressing the growing demand for chemical products within the country. SECP is recognized as one of the largest oil refineries and trading centers globally.

Chandra Asri plans to supply a range of petroleum products, including gasoline, jet fuel, gas oil, and bitumen, to support various industries in Indonesia. This will also help mitigate the supply shortages of essential chemical products, such as MEG, polyols, and monomers like ethylene and propylene.

By bolstering local supply chains, Chandra Asri aims to ensure energy security and reduce dependency on foreign entities for critical resources.

He believes that the acquisition will positively impact Indonesia’s economy. Profits generated from SECP are expected to be repatriated and reinvested into local industry development, significantly contributing to national tax revenues.