Indonesian petrochemical company PT Chandra Asri Pacific Tbk has attracted an insurance subsidiary of KKR&Co. Global Atlantic to finance the acquisition of Esso-branded service stations in Singapore from Exxon Mobil Corp. for $1 billion. This is reported in a KKR press release.
Global Atlantic is ready to provide Chandra Asri with a loan of $750 million, and Chandra Asri will pay the remaining $250 million using its own capital. Global Atlantic beat out a competing consortium that also sought to finance the deal.
In October 2025, Chandra Asri, through its Aster Chemicals&Energy Pte division, signed an agreement to acquire the assets of Exxon Mobil Corp. in Singapore. The transaction is subject to regulatory approval.
The asset sale will allow Exxon to exit Singapore's retail fuel sector. In 2023, Exxon sold gas stations in Thailand for $603 million.
Aster Chemicals&Energy Pte (a joint venture between Indonesia's Chandra Asri Group and multinational commodity trader Glencore Plc) is engaged in asset purchase transactions, including the acquisition of Shell Plc's Singapore oil refining and chemical assets in April 2025. In May, the company acquired Chevron Phillips Singapore Chemicals Pte, which owns and operates a polyethylene manufacturing facility on Singapore's Jurong Island.
Exxon has been present in Singapore for more than 130 years in the fuel sales sector under the Esso brand. Singapore also has an oil refinery, plants for the production of chemicals and lubricants, a fuel terminal and a liquefied petroleum gas bottling plant. ExxonMobil Asia Pacific Pte's investments in fixed assets in Singapore exceed 25 billion Singapore dollars ($19.5 billion).
Chandra Asri Group is an Indonesian supplier of energy, chemical and infrastructure solutions in Southeast Asia. The company specializes in the production of petrochemical products and offers infrastructure services in various sectors of the economy. The company owns a petrochemical complex in Southeast Asia, which includes a naphtha processing plant and a complex of infrastructure and energy services. The headquarters is located in Jakarta (Indonesia).
KKR&Co.— an American investment company with headquarters in New York (USA). The company specializes in private equity and asset management. KKR has invested $710 billion in portfolio companies since its founding and currently has assets worth $664 billion under management.
Exxon Mobil Corporation is one of the largest multinational oil and gas companies in the world by market capitalization ($400 billion). The company is engaged in the exploration, production, refining and marketing of oil and natural gas, including the sale of lubricants under the Mobil brand and fuels under the Exxon, Mobil and Esso brands. The main oil reserves are located in Asia and the USA, while natural gas reserves are located in the USA, Australia, Asia and Europe. The headquarters is located in Irving, Texas.
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