Recently, Singapore's ASTER Chemical and Energy Company announced plans to complete a series of key projects in the second half of 2026, aimed at enhancing refining capacity, reducing crude oil import costs, and exploring new revenue streams. The company, a joint venture between Indonesia's Chandra Asri and Glencore, considers this refinery upgrade project a crucial strategic development initiative.

The core of the refinery upgrade project involves modifying the 70,000 barrels per day condensate fractionation unit acquired from Singapore Petrochemical Corporation. After modification, this unit will be capable of processing condensate with up to 30% sulfur content, increasing ASTER's total crude oil processing capacity from 237,000 barrels per day to 307,000 barrels per day. Concurrently, the company plans to repair the Single Point Mooring (SPM) facility to restore the capability to berth Very Large Crude Carriers (VLCCs). This will reduce crude oil procurement costs through large-scale transportation and further optimize operational efficiency.

Beyond the refining business, ASTER is considering leasing out its idle crude oil and refined product storage tanks, which have a total design capacity of 500,000 barrels per day, located within its premises. This move aims to monetize assets and support Singapore's oil storage ecosystem. Additionally, the company plans to increase low-carbon power generation through its power subsidiary and sell surplus electricity to Singapore's power grid, expanding its diversified energy business. These refinery upgrade projects are expected to significantly enhance the company's market competitiveness.