The Strategist

Shell to sell refinery and petrochemical assets in Singapore to Chandra Asri JV and Glencore



05/09/2024 - 04:14



A deal has been agreed by Shell Singapore Pte, a division of the British oil and gas corporation Shell, to sell refinery and petrochemical assets in Singapore to CAPGC Pte, a joint venture between Glencore Asian Holdings Pte and Chandra Asri Capital Pte.



Will Lane
Will Lane
Shell announced in a press release that it would sell every part of Energy and Chemicals Park, including real estate and business agreements. With regulatory approval, the acquisition is anticipated to be finalized by the end of 2024.

The conditions of payment were not revealed.

Energy and Chemicals Park, which has a 1.1 million per annum ethylene cracker and a refinery with a capacity of 237,000 barrels per day, is Shell's largest production facility in the Asia-Pacific area.

Shell is offloading some of its holdings to concentrate on the most profitable areas of the business.

source: bloomberg.com




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