Shell Singapore Pte Ltd, a subsidiary of Shell plc, has sealed an agreement to divest its Energy and Chemicals Park in Singapore to CAPGC Pte. Ltd., a joint venture entity between Chandra Asri Capital Pte. Ltd. and Glencore Asian Holdings Pte. Ltd. This transaction entails the transfer of all of Shell’s stakes in Shell Energy and Chemicals Park Singapore to CAPGC.
Huibert Vigeveno, Shell’s downstream, renewable and energy solutions director, commented, “This agreement signifies a significant stride in Shell’s ongoing endeavours to enhance our Chemicals and Products business, underscoring our dedication to delivering increased value with reduced emissions, as delineated during our Capital Markets Day last year. We take pride in our legacy at Bukom and Jurong Island and our role in Singapore’s economic advancement in this sector over the past decades. Our commitment to Singapore remains unwavering, and its significance as a regional hub for our marketing and trading business remains paramount. As Singapore continues its decarbonisation journey, Shell eagerly anticipates a continued partnership with the country and our customers in the region.”
Shell conducted a competitive bidding process to reach this significant juncture. Employees at Shell Energy and Chemicals Park Singapore will transition to CAPGC under the new ownership, ensuring continuity for staff and contributing to ongoing operational reliability and safety.
Subject to regulatory clearance, the transaction is anticipated to conclude by the conclusion of 2024.
For more information visit www.shell.com
