20240508_TPIA_Laporan Informasi dan Fakta Material_31636780_lamp1.pdf

Press release

Chandra Asri Group and Glencore to Acquire Shell’s
   Energy and Chemicals Assets in Singapore

Singapore, 8 May 2024 – PT Chandra Asri Pacific Tbk (“Chandra Asri Group”), the leading chemical
and infrastructure solutions company in Indonesia, and Glencore plc (“Glencore”), one of the world’s
leading natural resources companies, have entered into a Sales and Purchase Agreement with Shell
Singapore Pte. Ltd. (“SSPL”) to acquire all its interest in the Shell Energy and Chemicals Park Singapore
(“SECP”).


Following a competitive auction process, CAPGC Pte. Ltd. (“CAPGC”), a joint venture that is majority-
owned and operated by Chandra Asri Group and minority-owned by Glencore through their respective
subsidiary companies, agreed to acquire SECP which comprises a refinery with processing capacity of
237,000 barrels per day of crude oil, a 1.1 million metric ton per annum ethylene cracker on Bukom
island, and downstream chemical assets on Jurong Island.


President Director and CEO of Chandra Asri Group, Erwin Ciputra said, “This acquisition is another
successful outcome of our programmatic M&A strategy to become a leading chemical and infrastructure
player in the region, and further strengthen the resilience of our business. This integration of our new
energy and chemicals platform in Bukom and Jurong Island, Singapore, with our established presence
in Cilegon, Indonesia, will drive expansion of product offerings and service enhancements, enabling us
to capture new opportunities in growing Southeast Asian markets. We are delighted to be partnering
with Glencore, and eagerly welcome the SECP talent to enrich our joint capabilities, as a very positive
conclusion to a highly competitive auction process.”


Managing Director of Glencore Singapore, Quek Chin Thean said, “We are delighted to announce
this acquisition and firmly believe in the success of our joint venture partnership with Chandra Asri Group
in CAPGC. SECP is a prime asset in Southeast Asia, uniquely and strategically located in Singapore
which is the pre-eminent energy trading hub in Asia. The integrated refinery and chemicals complex is
a sophisticated operation run by a highly talented and professional workforce, and it plays a critical role
in serving the essential and growing energy needs of consumers in Asia. As a team, we are very excited
and confident to unlock new opportunities to remain competitive amidst the energy transition, plan for
future long-term growth, expand and extend our offering, and deliver exceptional value for all our
stakeholders.”


The transaction is subject to regulatory approval and is expected to complete by the end of 2024.