Billionaire Pangestu-Backed Chandra Asri, Glencore To Buy Shell's Singapore Refinery [Forbes]
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Source: Forbes
A joint venture backed by Indonesian billionaire 's Chandra Asri and commodities trader Glencore agreed to buy Shell's refinery and chemical assets in Singapore. Under the deal CAPGC—which is majority owned by Pangestu's , a major petrochemicals company in Indonesia—will take over Shell's interests in Shell Energy and Chemicals Park Singapore, comprising a refinery capable of producing 237,000 barrels of oil per day and an ethylene cracker on Pulau Bukom as well as a petrochemical plant on Jurong Island, Shell said in a . The transaction is expected to be completed by the end of this year, subject to regulatory approval. Financial terms of the transaction weren't disclose. Bloomberg reported earlier that the deal could be worth about $1 billion. A spokesperson for Shell declined to comment on the reported value of the deal. “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
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