Shell plc has completed the sale of its Singapore Energy and Chemicals Park to CAPGC Pte. Ltd., a joint venture between Chandra Asri Capital Pte. Ltd. and Glencore Asian Holdings Pte. Ltd.
The transaction was executed through the sale of shares in Aster Chemicals and Energy Pte. Ltd., a subsidiary of Shell Singapore, transferring ownership of the integrated refining and chemicals assets to the new venture.
The Shell Energy and Chemicals Park Singapore comprises its integrated refining and chemicals assets on Pulau Bukom and Jurong Island. The Pulau Bukom assets include a 237,000 barrels-per-day refinery and a 1.1 million tonnes-a-year ethylene cracker. It was Singapore’s first refinery in 1961.
Shell Jurong Island occupies more than 60 hectares on Jurong Island, and manufactures petrochemicals including ethylene oxide, ethoxylates, styrene monomer and propylene oxide. It is Shell’s largest petrochemical production and export center in the Asia Pacific region. Shell is selling 100% of its interests in its Energy and Chemicals Park in Singapore, including the physical assets and commercial contracts.