Shell Singapore has reached an agreement to sell its Energy and Chemicals Park in Singapore - which comprises its integrated refining and chemicals assets on Pulau Bukom and Jurong Island - to CAPGC, a joint venture company between Chandra Asri Capital and Glencore Asian Holdings.
The Pulau Bukom assets include a 237,000 barrels-per-day refinery and a 1.1 million tonnes-a-year ethylene cracker while Shell Jurong Island – the company’s largest petrochemical production and export centre in the Asia Pacific region – manufactures petrochemicals including ethylene oxide, ethoxylates, styrene monomer and propylene oxide.
‘This agreement marks a significant step in Shell’s ongoing efforts to high-grade our Chemicals and Products business, and is a testament to our commitment to deliver more value with less emissions, as outlined at our Capital Markets Day last year,’ said Huibert Vigeveno, Shell’s Downstream, Renewable and Energy Solutions Director.
‘We are proud of our history at Bukom and Jurong Island and our contributions to the economic growth of Singapore in this sector in the past decades. Our commitment to Singapore remains steadfast and its importance as a regional hub for our marketing and trading business remains important. As Singapore continues to decarbonise, Shell looks forward to a continued partnership with the country, and with our customers in the region.’
The transaction, which is subject to regulatory approval, is expected to complete by the end of 2024.
