Indonesia's Chandra Asri to Acquire ExxonMobil's Singapore Esso Petrol Kiosk Chain
Chandra Asri Pacific has entered into a sale and purchase agreement to acquire ExxonMobil's network of Esso-branded retail fuel stations in Singapore.
The deal, valued at around $1 billion, includes nearly 60 stations and associated supply agreements, and is expected to be completed by the end of the year, subject to regulatory approvals.
"The decision to move to a branded wholesale model aligns with how we market fuels around the world and reflects our ongoing efforts to strengthen our business portfolio."
An ExxonMobil spokesperson stated the reasoning behind the decision, as the company transitions to a branded wholesale model.
- Deal value: around $1 billion
- Number of stations: nearly 60
- Expected completion: by the end of the year
Author's summary: Chandra Asri buys ExxonMobil's Singapore Esso chain.