Shell Plc (SHEL) said on Wednesday that its subsidiary Shell Singapore Pte Ltd has inked a deal to sell its Energy and Chemicals Park in Singapore to CAPGC Pte. Ltd., a joint venture of Chandra Asri Capital Pte. Ltd. and Glencore Asian Holdings Pte. Ltd.
Financial terms of the deal, expected to be closed by the end of 2024, are not known.
Huibert Vigeveno, Shell's Downstream, Renewable and Energy Solutions Director, said: "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." Staff in Shell Energy and Chemicals Park Singapore will continue their employment with CAPGC.
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.
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