Aster adds USD 80 million investment in Singapore for plant expansion

JAKARTA – Aster Chemicals & Energy (Aster), a joint venture owned by PT Chandra Asri Pacific Tbk (TPIA) and Glencore, has injected an additional USD 80 million investment in Singapore.

The investment will support Aster’s export capacity expansion for ethylene (C2) products, as well as the Ethylene Cracker Complex facility on Bukom Island, according to a company statement received by IDNFinancials.com on Tuesday (19/5).

Aster has appointed Toyo Engineering Corporation and UTOC Engineering Pte Ltd as contractors to oversee construction for the expansion, which is targeted for completion in 2027.

Aster Project and Technology Director Mashhad Dohadwala said the expansion would not only increase export capacity for ethylene products but also strengthen supply reliability and the company’s infrastructure integration in both Bukom and Cilegon.

“As demand for ethylene in Asia continues to rise, Singapore’s ability to serve as a large-scale and reliable export hub is becoming increasingly important — both commercially for customers and strategically for Singapore’s position in the global energy and chemicals supply chain,” Dohadwala said.

Meanwhile, Toyo Senior Executive Officer Eiji Sakata welcomed the collaboration with Aster in upgrading the Ethylene Chiller facility, “which plays a critical role in Aster’s ethylene export capacity expansion.”

UTOC Senior Director Kelvin Yeo said the company was committed to delivering results beyond expectations.

“Although we expect challenges amid an evolving landscape … we are well-positioned to navigate those dynamics,” Yeo said.

According to IDNFinancials.com records, Aster began work on the Bukom refinery in late 2025. At the time, the company invested USD 155 million, or around IDR 2.58 trillion, to revitalise the Condensate Splitter Unit (CSU), which will increase refinery production capacity to 300,000 barrels per day.

Aster also provided updates on the expansion in February and is targeting construction completion in the second half of 2026. (KR/ZH)