Shell to Sell Interest in Singapore Energy and Chemicals Park to CAPGC

Business Strategy Shell to Sell Interest in Singapore Energy and Chemicals Park to CAPGC

2024-05-09 Source: Press release Shell 1 min Reading Time

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Shell Singapore has plans to sell its Energy and Chemicals Park in Singapore to CAPGC, a joint venture company between Chandra Asri Capital and Glencore Asian Holdings. The transaction is expected to complete by the end of 2024, subject to regulatory approval.

The transaction will transfer all of Shell’s interest in Shell Energy and Chemicals Park Singapore to CAPGC.(Source: James Goldman/Shell) — The transaction will transfer all of Shell’s interest in Shell Energy and Chemicals Park Singapore to CAPGC.
(Source: James Goldman/Shell)

London/UK – Shell Singapore, a subsidiary of Shell, has reached an agreement to sell its Energy and Chemicals Park in Singapore to CAPGC, a joint venture company between Chandra Asri Capital and Glencore Asian Holdings. The transaction will transfer all of Shell’s interest in Shell Energy and Chemicals Park Singapore to CAPGC.

“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 the economic growth of Singapore in this sector in the past decades. Our commitment to Singapore remains steadfast and its importance as a regional hub for our marketing and trading business remains important. As Singapore continues to decarbonize, Shell looks forward to a continued partnership with the country, and with our customers in the region.”

Shell ran a competitive bid process to reach this milestone. Staff in Shell Energy and Chemicals Park Singapore will continue their employment with CAPGC under the new ownership, providing continuity for staff and contributing to ongoing operational reliability and safety.

Subject to regulatory approval, the transaction is expected to complete by the end of 2024.

(ID:50029436)

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