Sembcorp Industries (SGX:U96) and Aster Chemicals and Energy signed a new energy and utilities collaboration, according to a filing with the Singapore Exchange on Friday.
Under the agreement, Sembcorp will provide gas, power and utilities solutions to Aster which operates a refining and chemical complex in Pulau Bukom and Jurong Island in Singapore.
The total value of the contract is over SG$650 million.
The parties also signed a six-month memorandum of understanding to explore initiatives in Singapore, Indonesia and the rest of Southeast Asia. The initiatives include collaboration on cogeneration and utilities projects for Astewr, regional gas procurement, joint infrastructure investments and construction of industrial in Indonesia.
Shares of Sembcorp Industries were up over 1% in recent trading.
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