Shell to sell Singapore refinery, petchem assets to Chandra Asri and Glencore [Reuters]
Goldman Sachs Group, Inc. (The) (GS)
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Source: Reuters
SINGAPORE, May 8 (Reuters) - Shell said on Wednesday it has agreed to sell its refinery and petrochemical assets in Singapore, Asia's main oil hub, to a joint venture between Indonesian chemicals firm Chandra Asri and Swiss miner and commodities trader Glencore. Reuters reported last August that Shell had hired Goldman Sachs to explore a potential sale of its refining and petrochemical plants in Singapore as part of a broader strategic review globally to become a lower-carbon operator. The sale is part of Shell CEO Wael Sawan's plan to reduce the company's carbon footprint and focus its operations on the most profitable businesses. The transaction will transfer all of Shell's interest in Shell Energy and Chemicals Park Singapore to the joint venture company CAPGC, Shell said in a statement. The companies did not provide a value for the deal. Subject to regulatory approval, the transaction is expected to complete by the end of 2024, Shell added. The buyers of Shell's asset
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