SINGAPORE, May 7 (Reuters) - Aster Chemicals and Energy

will acquire Chevron Phillips Singapore Chemicals through its

affiliate Chandra Asri Capital, the company said in a press

release on Wednesday.

Chevron Phillips Singapore Chemicals currently operates a

400,000 metric ton per year (tpy) polyethylene facility in

Singapore's Jurong Island.

Polyethylene is a type of plastic resin used in the

packaging, construction and medical industries.

"This acquisition represents a key achievement for Aster,

supporting our strategic goals with new capabilities and

strengthening our offerings to customers," the CEO of

Singapore-based Aster Chemicals and Energy, Erwin Ciputra,

said.

The company did not reveal the investment value of this

acquisition.

Last month, Aster Chemicals and Energy, a joint venture

between Chandra Asri and Glencore ( GLCNF ), completed its

purchase of Shell's Singapore refinery and refining assets.