Aster Chemicals will increase Singapore's refining capacity following the acquisition of a splitter stake

Aster Chemicals & Energy plans to increase the crude processing capacity of its Singapore refinery to more than 300.000 barrels per day after purchasing a stake in excess of 50% in a unit that splits condensate, according to a statement released on Monday.

The Chandra Asri led joint venture with Glencore, which has taken over the stake of PCS Pte Ltd - one of Singapore's largest petrochemical companies - will now have full ownership of this facility, including a floating roof crude storage tank and two fixed roofing crude recirculation vessels.

"Aster will invest in the CSU to revitalize it after acquisition." Aster's capacity will grow from the current 237,000 barrels a day to over 300,000 barrels a day after revitalization.

The company failed to provide the value of the deal.

Two sources who have direct knowledge of this matter confirmed that the 70,000-bpd Splitter at Bukom Island Refining Site has not run in the last few years.

The unit is used to convert light oil into fuels such as naphtha and kerosene.

Aster Chemicals and Energy purchased Chevron Phillips Singapore Chemicals in the first week of last month. Reporting by Trixie YAP, Editing and proofreading by Louise Heavens

(source: Reuters)