Chandra Asri says it will buy Exxon's Singapore retail fuel stations

SINGAPORE: Chandra Asri Pacific said on Friday it will acquire Exxon Mobil’s network of Esso-branded retail fuel stations in Singapore.

“The company has entered into a sale and purchase agreement to acquire Exxon Mobil’s network of Esso-branded retail service stations in Singapore through a special purpose vehicle under its wholly-owned subsidiary,” the company said in a statement.

The deal, which includes nearly 60 stations and associated supply agreements, is expected to be completed by the end of this year, subject to regulatory approvals. The value of the deal was not disclosed.

The announcement confirms a Reuters report in April that the company was in talks with Exxon Mobil to buy the assets as the US energy firm was seeking to exit the city-state’s retail fuel market.

© New Straits Times Press (M) Bhd

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