Chevron Phillips Chemical announced 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.