Shell Singapore has reached an agreement to sell its Energy and Chemicals Park in Singapore to CAPGC.
CAPGC is a joint venture between Chandra Asri Capital and Glencore Asian Holdings.
“This agreement marks a significant step in Shell’s 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.
Shell ran a competitive bid process to sell the business.
Subject to regulatory approval, the transaction is expected to complete by the end of 2024.
The Shell Energy and Chemicals Park Singapore comprises its integrated refining and chemicals assets on Pulau Bukom and Jurong Island. The Pulau Bukom assets include a 237,000 barrels-per-day refinery and a 1.1 million tonnes-a-year ethylene cracker. It was Singapore’s first refinery in 1961.
Shell Jurong Island occupies more than 60 hectares on Jurong Island, and manufactures petrochemicals 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 continues to support Singapore’s energy needs through Liquefied Natural Gas supply and trading. Shell is also investing in electric vehicle charging infrastructure in the country.
In March 2024, the Singapore government announced their partnership with a consortium formed by Shell and ExxonMobil to study the feasibility of a cross-border carbon capture and storage project.