Home News Shell reaches Agreement to Sell its Interest in Singapore
News

Shell reaches Agreement to Sell its Interest in Singapore

613
Nigerian Communities Sue Shell for $310 Million Over Oil Spillage

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.

About The Author

Written by
Mayowa Durosinmi

M. Durosinmi is a West Africa Weekly investigative reporter covering Politics, Human Rights, Health, and Security in West Africa and the Sahel Region

Related Articles

News

Burkina Faso Abolishes Visa Fees For African Travellers To Boost Integration

Burkina Faso has announced the abolition of visa fees for all African...

Traoré inaugurate Cement factory
News

Burkina Faso: President Traoré Delivers Over 700 Vehicles To Brigades Under “Faso Mêbo” Initiative

Burkina Faso’s President, Captain Ibrahim Traoré, has reinforced the country’s push for...

Kenya’s Ruto Proposes Mediating Nile Dam Dispute, Seeks to Purchase Ethiopia’s Power
News

Kenya’s Ruto Proposes Mediating Nile Dam Dispute, Seeks to Purchase Ethiopia’s Power

Kenya’s William Ruto has proposed to mediate the Nile Dam dispute between...

Nigerian Influencer Shares 4-Month-Old News, Subtly Implying Nigeria Is IMF-Debt-Free as Tinubu's Borrowing Spree Shifts to World Bank
News

Nigerian Government Pushes “IMF-Debt-Free” Media Narrative As Nigeria Becomes Africa’s Largest World Bank Debtor

A Nigerian social media influencer has resurfaced a four-month-old news report from...