Shell to Sell Singapore Oil Assets to Glencore-Indonesia JV [Financial Post (Toronto, Ontario, Canada)]
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Shell Plc has agreed to sell its Singapore refining and chemicals assets to a joint venture between commodity trader Glencore Plc and Indonesian company PT Chandra Asri Pacific. As part of the transaction, Shell will transfer all of its interest in Shell Energy and Chemicals Park Singapore, which comprises refining and chemicals assets on Bukom and Jurong islands, to the JV, it said in a statement on Wednesday, which confirmed a Bloomberg News report from last week. Article content Article content Financial details of the deal were not disclosed, although people familiar with the matter have said it could be worth about $1 billion. The plant on Bukom island, opened in 1961, was Singapore's first oil refinery. Shell opened the plant just before the country's independence, and the site was developed in lock-step with the city-state as it became
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