Shell Sells Energy and Chemicals Park in Singapore

Dark/Light Mode (09/05/24)  Shell Singapore, a subsidiary of Shell plc, has agreed to sell its Energy and Chemicals Park in Singapore to CAPGC, a joint venture company between Chandra Asri Capital and Glencore Asian Holdings.

The energy and chemicals park comprises Shell's integrated refining and chemicals assets on Pulau Bukom and Jurong Island in Singapore.

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.

The energy and chemicals park comprises Shell's integrated refining and chemicals assets on Pulau Bukom and Jurong Island in Singapore

Staff in Shell Energy and Chemicals Park Singapore will continue their employment with CAPGC under the new ownership.

Subject to regulatory approval, the transaction will transfer all of Shell’s interest in the energy and chemicals park to CAPGC and is expected to be completed by the end of 2024.

Shell and CAPGC have also signed crude supply and products offtake agreements that will come into effect following completion.

“This agreement marks a significant step in Shell’s ongoing 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. “We are proud of our history at Bukom and Jurong Island and our contributions to the economic growth of Singapore in this sector in the past decades. Our commitment to Singapore remains steadfast and its importance as a regional hub for our marketing and trading business remains important. As Singapore continues to decarbonise, Shell looks forward to a continued partnership with the country, and with our customers in the region.”

CAPGC is majority-owned and operated by Chandra Asri Group and minority-owned by Glencore through their respective subsidiary companies.

Chandra Asri is one of Indonesia’s leading chemical and infrastructure solutions companies, supplying products and services to various manufacturing industries in both domestic and international markets.

Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities that advance everyday life.

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