TPIA Acquires ExxonMobil's Gas Station Network In Singapore

Esso-branded retail refueling station network. (Doc, ExxonMobil)

JAKARTA - PT Chandra Asri Pacific Tbk (TPIA) announced that it has signed a sale and purchase agreement to acquire Esso-branded retail refueling station network owned by ExxonMobil in Singapore.

President Director & CEO of Chandra Asri Group, Erwin Ciputra, said that the acquisition of Esso's retail network by Chandra Asri Group is in line with the company's long-term growth strategy, which focuses on developing integrated energy infrastructure for energy and mobility solutions markets in Singapore and Southeast Asia.

"Our expansion to the retail fuel ecosystem in Singapore is a strategic step in building an integrated platform for regional growth," he said in a statement to the media, Saturday, October 25.

He added that Singapore's strong fuel retail and business climate network provides a solid foundation for the Chandra Asri Group to continue to grow as the leader of energy, manufacturing and infrastructure solutions in Southeast Asia.

Erwin said, through integrated infrastructure that includes oil refineries and high-tech downstream manufacturing facilities, his party aims to strengthen Singapore's operational agility, energy security, and competitiveness as the leading regional energy center.

Later, Chandra Asri Group will continue to use the Esso brand and buy branded fuel from ExxonMobil. All points and customer loyalty cards will remain in effect without change.

He also ensured that there would be no termination of employment (PHK) and would keep all ExxonMobil employees involved and currently run the business operations.

"This transaction still requires approval from the relevant authorities and is targeted to be completed by the end of 2025," he said.