Official press release from Shell or Glencore, or major financial news outlets

Shell to Sell Bukom Refinery and Petrochemical Assets in Singapore for $1 Billion

May 8, 2024, 06:35 AM

Shell has agreed to sell its Bukom refinery and petrochemical assets in Singapore to a joint venture between Glencore and Indonesian company Chandra Asri. The deal involves the transfer of all of Shell's interests in the Shell Energy and Chemicals Park Singapore to the joint venture. This transaction is part of Shell's broader strategy to shed assets, with the Singapore facility being one of the largest oil refining and trading centers globally. The deal is reportedly worth around $1 billion, and Shell remains committed to maintaining its presence in Singapore as a regional hub.