SINGAPORE: ExxonMobil's network of Esso-branded retail fuel stations in Singapore will be acquired by Indonesia-based petrochemical producer Chandra Asri Pacific.
"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," Chandra Asri Pacific said in a statement on Friday (Oct 24).
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.
Chandra Asri will continue to sell Esso-branded fuels and will operate the service stations under the Esso brand.
"The decision to move to a branded wholesale model aligns with how we market fuels around the world and reflects our ongoing efforts to strengthen our business portfolio," said Ms Geraldine Chin, chairman and managing director of ExxonMobil Asia Pacific.
"We anticipate business as usual during the transition period and will work with Chandra Asri to provide a smooth experience for our customers, including continued recognition of loyalty programme benefits."
Ms Chin added that the sale does not impact ExxonMobil’s integrated manufacturing site in Singapore, which continues to provide fuels to our commercial customers in the region and globally.
The announcement confirms a Reuters report in April that the company was in talks with ExxonMobil to buy the assets as the US energy firm was seeking to exit Singapore's retail fuel market.
Continue reading...
"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," Chandra Asri Pacific said in a statement on Friday (Oct 24).
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.
Chandra Asri will continue to sell Esso-branded fuels and will operate the service stations under the Esso brand.
"The decision to move to a branded wholesale model aligns with how we market fuels around the world and reflects our ongoing efforts to strengthen our business portfolio," said Ms Geraldine Chin, chairman and managing director of ExxonMobil Asia Pacific.
"We anticipate business as usual during the transition period and will work with Chandra Asri to provide a smooth experience for our customers, including continued recognition of loyalty programme benefits."
Ms Chin added that the sale does not impact ExxonMobil’s integrated manufacturing site in Singapore, which continues to provide fuels to our commercial customers in the region and globally.
The announcement confirms a Reuters report in April that the company was in talks with ExxonMobil to buy the assets as the US energy firm was seeking to exit Singapore's retail fuel market.
Continue reading...