Shell Singapore, a subsidiary of the UK oil and gas company Shell, has agreed to sell its 237 kb/d Pulau Bukom refinery and petrochemical assets in Singapore to CAPGC, a joint venture company between Indonesia’s Chandra Asri Capital and Glencore Asian Holdings. Subject to regulatory approval, the transaction is expected to complete by the end of 2024.
Shell’s Pulau Bukom assets include the above-mentioned refinery (which was the country’s first, opened in 1961) and a 1.1 Mt/year ethylene cracker. Shell will also sell its assets on Jurong Island, which feature ethylene oxide, ethoxylates, styrene monomer and propylene oxide manufactures.
CAGP and Vitol had been the final bidders for the assets after shortlisted Chinese firms including state-owned CNOOC dropped out.
Earlier in May 2024, Shell also announced that it would exit its South African downstream oil business after conducting a comprehensive review of its businesses.