Lubrizol and Aster, a Singaporean chemical and energy company, signed a memorandum of understanding to develop opportunities in the region, the company said in a news release.
The company operates a refinery on Bukom Island with a capacity of 237,000 barrels per day and a naphtha cracker with a capacity of 1.1 million metric tons per year. It also has 2.5 million t/y of downstream chemical assets on Jurong Island, according to ICIS.
Aster has had mixed fortunes this year. It acquired Chevron Phillips Singapore Chemicals’ high-density polyethylene manufacturing facility on Jurong Island, then declared force majeure on petrochemical supplies from its naphtha cracker on Bukom Island a few weeks later, according to Reuters.
“We continue to invest in growth and innovation, strengthening resilience across our portfolio to power growth, connect industries and uplift communities,” Erwin Ciputra, group CEO of Aster, said in the statement.
Aster is jointly owned by majority stakeholder Chandra Asri, an Indonesian energy and chemicals firm, and global commodities trader Glencore.
In July, Lubrizol announced it would open an innovation center in Jurong, with the aim to facilitate collaboration in Southeast Asia. The center has laboratories, immersive experience zones and dedicated spaces for technical training and knowledge exchange, the company said.