Sembcorp, Aster sign over S$650 million in energy and utilities deals for regional projects

Both also ink an MOU to explore strategic initiatives across Singapore, Indonesia and rest of South-east Asia

Energy provider Sembcorp Industries and Aster Chemicals and Energy on Friday (May 9) announced new regional energy and utilities partnerships in South-east Asia worth over S$650 million.

As part of the deals, Sembcorp will supply a suite of gas, power and utilities solutions to Aster, a chemical and energy solutions provider in Singapore and Asia-Pacific. Aster operates an integrated refining and chemical complex on Pulau Bukom and Jurong Island.

Sembcorp and Aster also signed a memorandum of understanding (MOU) to explore strategic initiatives across Singapore, Indonesia and the rest of South-east Asia.

This includes collaborating on cogeneration and utilities projects, regional gas procurement, joint infrastructure investments, and establishing industrial parks in Indonesia.

The signings of the deals and MOU are not expected to have a material impact on Sembcorp’s earnings per share and net tangible assets per share for the financial year ending Dec 31.

On Apr 9, Sembcorp’s wholly owned subsidiary Green Hydrogen India entered a joint venture deal with Indian oil and gas company Bharat Petroleum for renewable energy and green hydrogen projects, designed to support India’s energy transition and development goals.

Shares of Sembcorp closed 1.2 per cent or S$0.08 higher at S$6.59 on Friday.

Copyright SPH Media. All rights reserved.