Insightful Word
  • Investing
  • Stock
  • Economy
  • Politics
  • Investing
  • Stock
  • Economy
  • Politics
No Result
View All Result
Insightful Word
No Result
View All Result
Home Investing

Shell offloads Singapore refinery to Chandra Asri-Glencore joint venture

admin by admin
April 1, 2025
in Investing
0
Shell offloads Singapore refinery to Chandra Asri-Glencore joint venture
0
SHARES
4
VIEWS
Share on FacebookShare on Twitter

Shell plc has successfully finalised the sale of its Singapore refinery and associated refining assets to a joint venture formed by Chandra Asri and Glencore, according to a Reuters report. 

This transaction marks a significant shift in ownership for the refinery and its assets.

Acquisition and transition of refinery ownership

In addition to the announcement by Shell, trade sources have revealed that the new owners of the refinery have already commenced operations, actively purchasing feedstock required for refining processes. 

This indicates a seamless transition of ownership and a commitment to maintaining the refinery’s operations under the new joint venture.

In 2022, Shell, the multinational oil and gas company, finalised the sale of its Bukom and Jurong Island facility in Singapore to a joint venture. 

The facility, which had been operational since 1961, was a significant asset in Shell’s portfolio. 

The majority stakeholder in the joint venture that acquired the facility was Chandra Asri, an Indonesian-based petrochemicals company. 

This acquisition significantly bolstered Chandra Asri’s position in the Southeast Asian petrochemicals market, making it one of the region’s largest players. 

The deal marked a strategic move for both Shell and Chandra Asri, with Shell divesting from the asset and Chandra Asri expanding its operational footprint and market share.

The financial specifics of the agreement between Shell and Chandra Asri-Glencore joint venture, which was originally expected to be finalised by the end of 2024, have not been made public.

Shell has announced that its employees at the site will transition to the new venture, Aster Chemicals and Energy Pte Ltd. 

This move ensures continuity of operations and expertise at the site, under the new ownership.

Strategic moves by Chandra Asri

Following the recent acquisition and change in ownership, office-based employees have been relocated to a new office space. 

Chandra Asri, taking over the responsibility of Aster’s petrochemicals feedstock procurement, has proactively secured multiple open-spec naphtha purchases.

These purchases, intended for arrival in Singapore, are scheduled to commence in March. 

This strategic move by Chandra Asri highlights their commitment to ensuring a consistent and reliable supply of feedstock for their petrochemical operations. 

The company’s decision to purchase open-spec naphtha allows for flexibility in sourcing and potentially offers cost advantages. 

By securing these purchases in advance, Chandra Asri demonstrates foresight and effective planning in managing their supply chain.

The Shell Jurong Island chemicals site, a major player in the petrochemical industry, significantly bolstered its naphtha imports in 2023 and 2024. 

According to shiptracking data provided by Kpler, the facility imported approximately 1.5 million tons of naphtha annually during those years. 

This is a significant increase in the site’s feedstock requirements, potentially driven by expanded production capacities, new downstream projects, or shifts in the regional supply-demand dynamics for petrochemicals.

Glencore’s crude procurement

In the meantime, Glencore, the Swiss commodity trading and mining company, has been actively securing crude oil supplies. 

The company has made multiple purchases of crude oil scheduled to arrive in Singapore during May and June. 

Sources familiar with the transactions have revealed to Reuters that the oil originates from various regions, including Canada and Kazakhstan, indicating Glencore’s diversified sourcing strategy.

The post Shell offloads Singapore refinery to Chandra Asri-Glencore joint venture appeared first on Invezz

Previous Post

Top Dow Jones stocks laggards in Q1 have one thing in common

Next Post

Celsius bets on women consumers—will its stock soar?

admin

admin

Next Post
Celsius bets on women consumers—will its stock soar?

Celsius bets on women consumers—will its stock soar?

Trending News

EU pushes India to slash car import tariffs from 100% to 10%

EU pushes India to slash car import tariffs from 100% to 10%

April 7, 2025
Archer Aviation wins LA28 Olympics contract: is ACHR grossly undervalued?

Archer Aviation wins LA28 Olympics contract: is ACHR grossly undervalued?

May 17, 2025
Ryanair expects Boeing to regain competitive edge with Trump’s White House return

Ryanair expects Boeing to regain competitive edge with Trump’s White House return

January 22, 2025
Subscribe to Insightful Word


    Recent News

    China’s May export growth seen slowing to 5.0% amid trade uncertainty: Reuters poll

    China’s May export growth seen slowing to 5.0% amid trade uncertainty: Reuters poll

    June 6, 2025
    FTSE 100 Index shares of 2025: Rolls-Royce, Fresnillo, BAE, and more

    FTSE 100 Index shares of 2025: Rolls-Royce, Fresnillo, BAE, and more

    June 6, 2025
    Asian stocks end mixed: Hang Seng snaps winning streak, Nikkei jumps 0.5%

    Asian stocks end mixed: Hang Seng snaps winning streak, Nikkei jumps 0.5%

    June 6, 2025
    Starlink reportedly secures key licence in India, moves closer to launching services

    Starlink reportedly secures key licence in India, moves closer to launching services

    June 6, 2025

    Recent News

    China’s May export growth seen slowing to 5.0% amid trade uncertainty: Reuters poll

    China’s May export growth seen slowing to 5.0% amid trade uncertainty: Reuters poll

    June 6, 2025
    FTSE 100 Index shares of 2025: Rolls-Royce, Fresnillo, BAE, and more

    FTSE 100 Index shares of 2025: Rolls-Royce, Fresnillo, BAE, and more

    June 6, 2025

    Latest News

    • China’s May export growth seen slowing to 5.0% amid trade uncertainty: Reuters poll
    • FTSE 100 Index shares of 2025: Rolls-Royce, Fresnillo, BAE, and more
    • Asian stocks end mixed: Hang Seng snaps winning streak, Nikkei jumps 0.5%

    About Insightful Word

    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools
    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools

    Copyright © 2025 Insightfulword.com. All Rights Reserved.

    No Result
    View All Result
    • Investing
    • Stock
    • Economy
    • Politics

    Copyright © 2025 Insightfulword.com. All Rights Reserved.