Shell reaches Agreement to Sell its Interest in Singapore

Mayowa DurosinmiMay 10, 20241 Mins read121

Shell reaches Agreement to Sell its Interest in Singapore

Shell Singapore Pte. Ltd, a Shell Plc subsidiary, has reached an agreement to sell Energy and Chemicals Park in Singapore to a joint venture, Chandra Asri Capital Pte. Ltd. and Glencore Asian Holdings Pte. Ltd (CAPGC Pte. Ltd).

According to Shell, the transaction will allow a smooth transfer of all of its interests in Energy and Chemicals Park Singapore to CAPGC Pte. Ltd.

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 to deliver more value with less emissions, as outlined at our Capital Markets Day last year, said Huibert Vigeveno, Shell’s Downstream, Renewable and Energy Solutions Director.

“We are proud of our history at Bukom and Jurong Island and our contributions to Singapore’s economic growth in this sector over the past decades.

Our commitment to Singapore remains steadfast, and its role as a regional hub for our marketing and trading business remains essential.

As Singapore continues to decarbonise, Shell looks forward to a continued partnership with the country and with our customers in the region,” says Vigeveno.

Meanwhile, subject to regulatory approval, the transaction is expected to complete by the end of 2024 but also the company ensures that Staff in Energy and Chemicals Park Singapore will continue their employment with CAPGC under the new ownership, while contributing to ongoing operational reliability and safety.