Shell said on Wednesday it has agreed to sell its refinery and petrochemical assets in Singapore to a joint venture between Indonesia’s Chandra Asri Capital and Glencore (LON:GLEN) Asian Holdings.
The transaction will transfer all of Shell’s interest in Shell (LON:SHEL) 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.
CAPGC is majority-owned and operated by Chandra Asri Group and minority-owned by Swiss miner and commodities trader Glencore through their respective subsidiary companies, the Indonesian chemical and infrastructure company said in a statement.
Shell’s assets include a refinery capable of processing 237,000 barrels per day (bpd) of oil and a 1-million-metric-ton-per-year (tpy) ethylene plant located on Bukom island, just south of Singapore, as well as a plant that produces mono-ethylene glycol on Jurong island in the Southeast Asian city-state’s west.
Reuters reported last August that Shell had hired Goldman Sachs (NYSE:GS) 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.
