Shell (SHEL) to Sell Off Its Singapore Refinery and Other Assets [Yahoo! Finance]
SM Energy Company (SM)
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Source: Yahoo! Finance
The transaction is anticipated to close by the end of 2024, subject to regulatory approvals. However, the companies have not mentioned a value for the same. The joint venture company CAPGC will own all of Shell's interest in Shell Energy and Chemicals Park Singapore, following the close of the deal. CAPGC is operated by Chandra Asri who holds a majority stake in the company along with Glencore who holds a minority stake. The assets being sold include a refinery with a processing capacity of 237,000 barrels per day (bpd) of oil and a 1-million-metric-ton-per-year (tpy) ethylene plant located on Bukom Island. In addition, SHEL's assets also include mono-ethylene glycol producing plant on Jurong Island. The sale can be linked to its plan to lower its overall carbon footprint while also focusing on its most profitable ventures. The buyers of Shell's assets in the Bukom and Jurong islands in Singapore will gain access to one of the world's leading oil refining and trading centres.
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