MEDIA: Shell announces sale of Singapore assets, focuses on lower-carbon operations
According to Chandra Asri’s official press release on 08 May 2024, the assets being sold include a crude oil refinery with a processing capacity of 237,000 bpd and an ethylene plant producing 1.1 million tons/year
In a strategic move aimed at reducing its carbon footprint and focusing on more profitable ventures, Shell announced the sale of its refinery and petrochemical assets in Singapore to a JV between Indonesian petrochemical firm Chandra Asri and Swiss commodities producer Glencore.
Shell will transfer all its interests in Shell Energy and Chemicals Park Singapore to the JV company CAPGC, majority-owned by Chandra Asri Group and minority-owned by Glencore.
According to Chandra Asri’s official press release on 08 May 2024, the assets being sold include a crude oil refinery with a processing capacity of 237,000 bpd and an ethylene plant producing 1.1 million tons/year, along with other facilities.
The partnership with Glencore not only offers Chandra Asri access to trading expertise but also enhances logistical capabilities. Following the announcement, shares of Chandra Asri surged by 1.9%, contrasting the 0.5% drop in Indonesia's benchmark index.
Meanwhile, Shell's shares in London saw a modest increase of 0.1%, reflecting investor confidence in the company's strategic shift, which yielded a $7.7 billion Q1 profit, surpassing expectations.