Glencore-Backed Group Nears Deal for Shell’s Singapore Assets

Reuters, May 3, 2024

A consortium that includes Swiss miner and commodities trader Glencore (GLEN.L) and Indonesia's PT Chandra Asri Pacific is in advanced talks to buy Shell's (SHEL.L) oil refinery and petrochemical units in Singapore, in a deal that could be worth about $1 billion, Bloomberg News reported on Friday.

The parties are working on the details of a transaction that could be announced as soon as the coming weeks, Bloomberg reported, citing people with knowledge of the matter.

The assets include a refinery capable of processing 237,000 barrels per day (bpd) of oil and a 1-million-metric-ton-per-year ethylene plant located on Bukom island, just south of Singapore, as well as a plant that produces mono-ethylene glycol on Jurong island in the Southeast Asian city-state's west.

Under the terms of the potential deal, PT Chanda Asri would become the operator and majority owner of the assets, while Glencore would hold a non-operating minority stake, the report said.

Shell, Glencore and PT Chanda Asri did not immediately respond to Reuters requests for comment.

Shell announced a strategic review of the assets last June.

Reuters reported earlier this year that Glencore was working jointly with PT Chandra Asri Petrochemical to evaluate the assets.

(Reporting by Eva Mathews; Editing by Shailesh Kuber)

Click here to read the full article from Reuters.

Copyright 2024 Thomson Reuters. Click for restrictions.

Comments and Discussion

There are no comments yet.

Add a Comment

Please log in or register to participate in comments and discussions.

Inspectioneering Journal

Explore over 20 years of articles written by our team of subject matter experts.

Company Directory

Find relevant products, services, and technologies.

Training Solutions

Improve your skills in key mechanical integrity subjects.

Case Studies

Learn from the experience of others in the industry.


Inspectioneering's index of mechanical integrity topics – built by you.

Industry News

Stay up-to-date with the latest inspection and asset integrity management news.


Read short articles and insights authored by industry experts.

Expert Interviews

Inspectioneering's archive of interviews with industry subject matter experts.

Event Calendar

Find upcoming conferences, training sessions, online events, and more.


Downloadable eBooks, Asset Intelligence Reports, checklists, white papers, and more.

Videos & Webinars

Watch educational and informative videos directly related to your profession.


Commonly used asset integrity management and inspection acronyms.