Indonesian Billionaire Buying Stake In Changi Airport’s Jet Fuel Supplier In Singapore Push As Singapore solidifies its position as a major player in Southeast Asia's energy landscape, Indonesian billionaire Prajogo Pangestu has acquired a 30% stake in Changi Airport Fuel Hydrant Installation, the company responsible for supplying jet fuel to the country's busiest airport.
This development raises concerns about the concentration of power in Singapore's energy sector. Prajogo Pangestu's business empire spans various sectors, including oil refining, petrochemicals, and logistics.
His latest move has sparked worries that his companies' significant interests in Shell's refinery and Esso petrol stations could be further solidified through this acquisition, potentially limiting competition and creating monopolies.