Shell to sell interest in Singapore Energy and Chemicals Park to CAPGC
Shell Singapore Pte Ltd, a subsidiary of Shell plc, has agreed to sell its Energy and Chemicals Park in Singapore to CAPGC Pte. Ltd., a joint venture between Chandra Asri Capital Pte. Ltd. and Glencore Asian Holdings Pte. Ltd. This deal involves the transfer of all of Shell’s interests in Shell Energy and Chemicals Park Singapore to CAPGC.
Huibert Vigeveno, Shell’s Downstream, Renewable and Energy Solutions Director, commented on the agreement, stating, “This agreement marks a significant step in Shell’s ongoing efforts to optimize our Chemicals and Products business, and underscores our commitment to delivering more value with fewer emissions, as outlined at our Capital Markets Day last year.”
He further added, “We are proud of our history at Bukom and Jurong Island and our contributions to the economic growth of Singapore in this sector over the past decades. Our commitment to Singapore remains strong, and its role as a regional hub for our marketing and trading business remains significant. As Singapore continues to decarbonize, Shell looks forward to maintaining its partnership with the country and our customers in the region.”
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The sale resulted from a competitive bid process conducted by Shell. Employees at Shell Energy and Chemicals Park Singapore will retain their employment under CAPGC’s ownership, ensuring continuity for staff and contributing to ongoing operational reliability and safety.
The completion of the transaction is subject to regulatory approval and is expected to occur by the end of 2024.
