On April 1, Shell issued a statement saying that it had completed the sale of its Singapore Energy and Chemical Park to a joint venture formed by Glencore and Indonesian chemical manufacturer PT Chandra Asri Pacific. Specific financial details were not disclosed.
Shell announced the above transaction on May 8, 2024. The Singapore Energy and Chemical Park includes refining and chemical assets located in Pulau Bukom and Jurong Island.
Pulau Bukom's assets include a refinery with a capacity of 237,000 barrels per day built in 1961 and an ethylene cracking unit with a capacity of 1.1 million tons per year.
Shell's Jurong Island plant produces petrochemical products including ethylene oxide, ethoxylates, styrene monomer and propylene oxide. It is Shell's largest petrochemical production and export center in the Asia-Pacific region.
Shell said that this divestment is an important step in its continuous improvement of its chemicals business. In the future, it will continue to support Singapore's energy needs through a series of energy product businesses, including liquefied natural gas supply and trade.
