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Buyer of Shell’s refinery has set aside US$2 billion for Singapore investments; more deals on the way

Aster is betting on ‘strategic resilience’ as it invests through the oil and gas down cycle

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Sharanya Pillai

Sharanya Pillai

Published Tue, Nov 11, 2025 · 07:52 PM
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    • Aster's group CFO Andre Khor believes that the industry is going through "recalibration", not "destruction".
    • At the signing ceremony of a sustainable aviation fuel deal are Khor (seated, left) and Aether Fuels' CEO Conor Madigan (seated, right).
    • Aster's group CFO Andre Khor believes that the industry is going through "recalibration", not "destruction". PHOTO: ASTER
    • At the signing ceremony of a sustainable aviation fuel deal are Khor (seated, left) and Aether Fuels' CEO Conor Madigan (seated, right). PHOTO: ASTER

    [SINGAPORE] Energy and chemicals player Aster has set aside US$2 billion in investments for the Singapore market, and is still looking at more deals, said its group chief financial officer Andre Khor.

    “There are a few other deals in the pipeline,” he told The Business Times in an exclusive interview after the company signed a sustainable aviation fuel deal with Aether Fuels on Tuesday (Nov 11).

    “I cannot disclose (the deals due to) confidentiality but, fundamentally, we’ll pull it all together. It’s about unlocking synergies; it’s about integrating Indonesia (and) Singapore,” said Khor.

    AsterOil and gasShellSingaporeJurong IslandESG

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