Changi Airport in Singapore. Photographer: SeongJoon Cho/Bloomberg
Aster, controlled by Indonesian billionaire Prajogo Pangestu through Chandra Asri Pacific, has agreed to acquire a stake in Changi Airport Fuel Hydrant Installation, marking its entry into the aviation fuel market and deepening its investments in Singapore.
This acquisition will enable Aster to join other major energy firms in supplying aviation fuel directly to international airlines at Changi Airport, one of the world’s busiest aviation hubs, according to a statement released on Friday. Aster has not disclosed the financial terms of the transaction, which remains subject to regulatory approvals and other conditions.
“This acquisition is a pivotal step in Aster’s expansion into aviation fuels,” said Andre Khor, Deputy CEO of Singapore‑based Aster. “Combined with our refining and storage capabilities and our growing sustainable aviation fuel business, it strengthens our ability to meet the evolving energy needs of aviation in Singapore and the broader region, supporting one of the world’s leading aviation hubs.”
The investment builds on Aster’s sustainable aviation fuel (SAF) strategy. In November, Aster partnered with Aether Fuels—a Forbes Asia 100 to Watch honoree—to develop a SAF manufacturing facility at Pulau Bukom, Singapore’s oil‑refining hub, with commercial operations slated to begin in 2028. The plant is expected to produce up to 50 barrels of SAF per day, or 2,000 tons annually. Aster is also collaborating with Keppel’s infrastructure division to develop an ethanol‑to‑jet SAF facility on Jurong Island.
The deal follows Chandra Asri’s recent acquisition of Jardine Cycle & Carriage’s car dealership operations in Malaysia and Singapore for S$265 million (US$208 million), marking the group’s first entry into the automotive sector. The Jakarta‑listed company has been expanding steadily in Singapore, having earlier in April 2025 acquired Shell’s refinery and petrochemical assets together with Glencore, and subsequently purchased Esso’s petrol station network in Singapore.
Aster is part of Chandra Asri, which is controlled by Barito Pacific, the timber firm that Pangestu transformed into an energy and petrochemicals conglomerate. Pangestu, valued at $17.2 billion by Forbes, also owns the coal‑mining company Petrindo Jaya Kreasi, which listed on the stock exchange in 2023.
