Changi Airport successful Singapore. Photographer: SeongJoon Cho/Bloomberg
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Aster—controlled by Indonesian billionaire Prajogo Pangestu’s Chandra Asri Pacific—has agreed to get a liking successful Changi Airport Fuel Hydrant Installation, marking the power and petrochemical group’s introduction into the aviation substance marketplace arsenic it deepens investments successful Singapore.
The acquisition will alteration Aster to subordinate different awesome power companies successful providing aviation substance straight to world airlines astatine Changi Airport, 1 of the world’s busiest aviation hubs, according to a statement on Friday. Aster didn’t disclose financial specifications of the transaction, which is taxable to regulatory approvals and different conditions.
“The acquisition represents an important measurement successful Aster’s description into aviation fuels,” Andre Khor, lawman CEO of Singapore-based Aster. “Combined pinch our refining and retention operations and increasing capabilities successful sustainable aviation fuel, it strengthens our position to support the evolving power needs of aviation successful Singapore and the region, successful serving 1 of the world’s starring aviation hubs.”
The finance complements Aster’s sustainable aviation substance (SAF) business. In November, Aster partnered pinch Aether Fuels—a Forbes Asia 100 to Watch alum—to create an SAF manufacturing installation astatine Pulau Bukom, Singapore’s lipid refining hub, pinch commercialized operations expected to statesman successful 2028. The works will nutrient up to 50 barrels of SAF per day, aliases 2,000 tons annually. Aster is besides moving pinch Keppel’s infrastructure section to create an ethanol-to-jet SAF installation connected Jurong Island.
The woody comes conscionable a week aft Chandra Asri agreed to buy Jardine Cycle & Carriage’s car dealership business successful Malaysia and Singapore for S$265 cardinal ($208 million), marking the group’s first foray into the automotive sector. The Jakarta-listed institution has been steadily expanding successful Singapore. In April 2025, it and commodities elephantine Glencore acquired Shell’s refinery and petrochemical assets successful the city-state. Five months later, the group bought Esso’s web of petrol stations successful Singapore.
Aster is portion of Chandra Asri, which is controlled by Barito Pacific, the timber institution that Pangestu transformed into an power and petrochemicals giant. Pangestu is 1 of Indonesia’s wealthiest people, pinch a nett worthy of $17.2 billion, according to Forbes’ real-time data. His interests besides see ember mining institution Petrindo Jaya Kreasi, which went nationalist successful 2023.
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