Indonesian billionaire's firm buys stake in Changi Airport fuel supplier

Aster, the energy arm of Indonesian billionaire Prajogo Pangestu’s Chandra Asri Pacific, has agreed to purchase a stake in Changi Airport Fuel Hydrant Installation, allowing it to supply jet fuel directly to carriers at the Singapore hub. The purchase price was not revealed and the agreement is subject to approval by authorities. Deputy CEO Andre Khor highlighted that the investment dovetails with Aster’s refining, storage and growing sustainable aviation fuel capabilities, enhancing its ability to meet the region’s evolving aviation energy needs.

The transaction builds on Aster’s recent partnership with Aether Fuels to build an SAF plant at Pulau Bukom, slated for commercial operation in 2028, and a joint project with Keppel to create an ethanol-to-jet facility on Jurong Island. It also follows Chandra Asri’s diversification into car dealerships in Malaysia and Singapore and earlier acquisitions of Shell’s and Esso’s Singapore assets.