Indonesia's Chandra Asri Group is confident that its deal with global oil giant Shell to buy its refining complex in Singapore will be an accretive move, citing operational synergies and a growing demand for fuels and petrochemicals in the region.
"We firmly believe that Southeast Asia is a high-growth region requiring an affordable supply of energy and chemicals," Mr Suryandi, human resources and corporate affairs director of the group, told The Straits Times.
The group expects revenue growth to increase by five times from 2024 to 2026, aided by the acquisition of Shell Energy and Chemicals Park (SECP) spread over Pulau Bukom and Jurong Island and other planned capacity expansions in Indonesia.
"Singapore is a pre-eminent refining and chemicals hub for manufacturing and trading. The strategic location of SECP will enable greater connectivity and access to other regional players in the market," said Mr Suryandi, who goes by one name, in an e-mail response to queries following the announcement of the sale agreement on May 8.
The sale of SECP to CAPGC, a joint venture of Chandra Asri and global commodities trader Glencore, is subject to regulatory approval.
Esta historia es de la edición May 16, 2024 de The Straits Times.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 8500 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición May 16, 2024 de The Straits Times.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 8500 revistas y periódicos.
Ya eres suscriptor? Conectar
RED DOT LOOKS FRESH TO RAKE IN THE CASH
In All His Glory and Bransom also signal their intentions with eye-catching hit-outs
KOSI IS VOTED CHAMPION YET AGAIN
Four gongs for Lim’s Kosciuszko, big night for Ong, Seow, Nunes and Lim’s Stable
Post-layofis, Citi Private Ban optimistic about S'pore, region
It is laying groundwork to add new clients, deepen investments, deliver better returns
Wee Hur in sweet spot’ to capitalise on student housing boom
Its purpose-built student accommodation in Australia set to be its biggest cash cow
Unfilled premium office towers reflect HK market’s woes
Cost cutting by international banks, slow return of mainland firms among factors
Perth joins financial hubs in rarefied world of family offices
Number of family offices worldwide tripled between 2019 and 2023 to almost 4,600
IN GOOD LIGHT
The Straits Times follows artists who are busy setting up their installations for the i Light Singapore festival.
Pioneer planner and URA founder Alan Choe dies at 93
He played key role in laying foundation for urban development, heritage conservation
PM Wong to make early introductory visit to Kuala Lumpur
Prime Minister Lawrence Wong is planning an early visit to Kuala Lumpur as part of a series of introductory visits to Asean capitals.
Unlimited sea access, affordable housing among ideas for Long Island
Public feedback given at engagement sessions on plans for reclamation project
