Shell said on Wednesday it has agreed to sell its refinery and petrochemical assets in Singapore, Asia's main oil hub, to a joint venture between Indonesian chemicals firm Chandra Asri and Swiss miner and commodities trader Glencore.
Item 1 of 2 A container ship passes Shell's Pulau Bukom refinery in Singapore November 17, 2020. REUTERS/Edgar Su/ File Photo/File PhotoTransaction expected to be completed by end-2024said on Wednesday it has agreed to sell its refinery and petrochemical assets in Singapore, Asia's main oil hub, to a joint venture between Indonesian chemicals firm Chandra Asri and Swiss miner and commodities trader Glencore.
The transaction will transfer all of Shell’s interest in Shell Energy and Chemicals Park Singapore to the joint venture company CAPGC, Shell said in a statement.Subject to regulatory approval, the transaction is expected to complete by the end of 2024, Shell added. Shell's assets include a refinery capable of processing 237,000 barrels per day of oil and a 1-million-metric-ton-per-year ethylene plant located on Bukom island, just south of Singapore, as well as a plant that produces mono-ethylene glycol on Jurong island in the Southeast Asian city-state's west.
For Glencore, Shell's assets would give the global trader a physical foothold for its trading in Asia.
REPI:EXPLORATION-PRODUCTION REPI:PETROCHEMICALS REPI:REFINING BACT BIZ BMAT BMAT08 CHEM CMPNY COM COMC COMC1 CRU DEAL1 DIVMIN ENER ENFF ENG ENR EXPRO FOBE FOD FODPR FOTB MEMI MIN MINE MINE08 MRG MTAL MTAL08 NCYC NEWS1 NRG OILG OILI OILI08 PETC PROD PUBL REF REFI GB CEEU WEU EASIA EUROP SG CH ASEAN SEASIA EMEA ASXPAC ASIAE ID EMRG CN ASIA REPI:TRANSPORT-FUELS FIN ENERGY PETWHL PRIVT TOPNWS TOPCMB
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