Chandra Asri gets $975 million to buy ExxonMobil’s Esso petrol stations in Singapore
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The Indonesian conglomerate is buying nearly 60 Esso petrol stations along with associated supply agreements.
PHOTO: LIANHE ZAOBAO FILE
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Bengaluru - Indonesia’s Chandra Asri Pacific said on Nov 17 that it has secured a bespoke US$750 million (S$975 million) financing package from investment firm KKR to support its purchase of ExxonMobil’s Esso-branded retail petrol station network in Singapore.
Announcing the purchase on Oct 24, the Indonesian conglomerate said it planned to retain the Esso branding, continue sourcing fuel from ExxonMobil, and integrate the existing workforce into its operations.
Until now, Chandra Asri had not revealed financial details of the transaction, which includes nearly 60 petrol stations along with associated supply agreements.
The financing solution will be arranged by KKR Capital Markets and anchored by KKR’s private credit and insurance platforms, the investment firm said in a statement.
“This transaction aligns with our focus on providing tailored capital solutions to leading companies across the Asia-Pacific, and we look forward to supporting Chandra Asri’s continued growth as it strengthens its downstream energy and retail presence in Singapore,” said KKR managing director and head of Asia private credit S.J. Lim.
Shares of Chandra Asri were up 1.1 per cent at 7,075 rupiah. The stock has roughly lost around 6 per cent so far in 2025, with the firm having a market capitalisation of US$36.22 billion. REUTERS
