Aster marks third Singapore deal with Changi Airport fuel infrastructure stake

[SINGAPORE] Oil refiner Aster has agreed to buy a stake in Changi Airport Fuel Hydrant Installation (CAFHI), marking parent Chanda Asri’s third Singapore acquisition in under a year.

The energy and chemicals company, a joint venture between Indonesian petrochemical producer Chandra Asri and global commodity trader Glencore, on Friday (Aug 28) said becoming a CAFHI shareholder complements Aster’s growing sustainable aviation fuel capabilities.

“The CAFHI strategic interest acquisition represents an important step in Aster’s expansion into aviation fuels,” said Andre Khor, deputy CEO of Aster.

“Combined with our refining and storage operations and growing capabilities in sustainable aviation fuel, it strengthens our position to support the evolving energy needs of aviation in Singapore and the region.”

The transaction is subject to the requisite approvals and the fulfilment of customary closing conditions, noted Aster.

It follows Chandra Asri’s decision on Aug 21 to buy Cycle & Carriage’s automotive businesses in Singapore and Malaysia, as well as an October 2025 decision to buy ExxonMobil’s Singapore Esso petrol kiosk chain.

Sustainable fuels synergy

The target of Aster’s latest stake acquisition, CAFHI, is the aviation fuel infrastructure platform serving Singapore’s Changi Airport, providing storage and distribution facilities for aviation fuel.

Its shareholders include the oil majors ExxonMobil, Shell, BP, TotalEnergies and Singapore Petroleum Company. Singapore-based sustainable aviation fuel producer Neste is also a minority shareholder.

Aster is already working with Aether Fuels to develop a next-generation sustainable aviation fuel facility at Pulau Bukom and with Keppel’s infrastructure division to assess a commercial-scale ethanol-to-jet sustainable fuel facility on Jurong Island.

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This will broaden its participation across conventional and lower-carbon aviation fuels, it said.

“Together, these initiatives advance Aster’s strategy to build an integrated energy and infrastructure platform spanning production, storage and distribution,” the company added.

Aster’s operations span energy and chemicals, integrated infrastructure and mobility solutions. The mobility solutions segment is meant to extends Aster’s reach “closer to consumers through retail and aviation fuels and infrastructure”.

Sembcorp Industries in July agreed to purchase a 20 per cent stake in Aster Power, a clean power business under Aster.