Exxon Mobil Corporation has sold its Esso‑branded retail fuel station network in Singapore to Chandra Asri Pacific. The deal covers roughly 60 stations across the island and is valued at about $1 billion, with Chandra Asri financing the purchase through a $750 million credit facility from KKR.
The sale reflects Exxon Mobil’s broader strategy to divest from retail operations and concentrate on upstream and core integrated activities. Singapore’s push toward electric vehicles and the company’s recent exit from other retail markets, such as Thailand, underscore the shift away from traditional fuel stations. For Chandra Asri, the acquisition expands its downstream footprint and supports its transformation into an integrated energy infrastructure provider, following its recent joint‑venture purchase of Shell’s refinery and petrochemical assets in Singapore.
KKR’s financing package is part of the firm’s Asia Pacific credit strategy and provides Chandra Asri with the capital needed to close the transaction by the end of 2025. The deal’s structure and the involvement of a reputable global investor signal strong confidence in Chandra Asri’s growth plans and its ability to execute the acquisition.
Market reaction to the announcement was positive: Chandra Asri’s shares rose 1.1 % to 7,075 rupiah on the day of the announcement. The uptick was driven by investor confidence in the $750 million financing and the strategic expansion of the company’s retail network in a market that is rapidly transitioning to electric vehicles.
The divestiture frees Exxon Mobil’s capital for high‑return projects such as Guyana and the Permian Basin, and supports its focus on lower‑emission opportunities. For Chandra Asri, the acquisition strengthens its retail presence, enhances its ability to serve a growing EV market, and positions the company for future integrated energy solutions. The transaction also includes a transition plan for a small number of Exxon Mobil employees who will move to Chandra Asri as part of the deal.
Overall, the transaction illustrates the broader industry shift toward electric mobility and the strategic realignment of major oil companies away from retail operations toward upstream and integrated energy solutions. The involvement of KKR and the scale of the deal underscore the confidence of investors in the long‑term prospects of Singapore’s downstream energy market.
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