Shell to Sell Singapore Oil Assets to Glencore-Indonesia JV
- The deal could be worth $1 billion, people familiar have said
- Oil major says still committed to city-state as regional hub
The Shell Eastern Petrochemicals Complex on Pulau Bukom off the coast of Singapore.
Photographer: Lauryn Ishak/BloombergThis article is for subscribers only.
Shell Plc has agreed to sell its Singapore refining and chemicals assets to a joint venture between commodity trader Glencore Plc and Indonesia’s PT Chandra Asri Pacific.
As part of the transaction, Shell will transfer all of its interest in Shell Energy and Chemicals Park Singapore, which comprises refining and chemicals assets on Bukom and Jurong islands, to the JV, it said in a statement on Wednesday. That confirmed a Bloomberg News report from last week.