Shell sells Singapore refinery assets to Chandra Asri Glencore group

Shell announced the deal in January last year and has now closed the sale.

The deadline for the completion of the deal was slightly delayed from its original end-of-last-year date. The deal's value is still unknown.

Shell stated that the transaction was completed through the sale shares of Aster Chemicals and Energy Pte Ltd., a Singapore-based company and SSPL's fully-owned subsidiary.

The company stated that "Staff at Shell Energy and Chemicals Park Singapore, will continue to work with Aster Chemicals and Energy Ltd under the new owner."

Shell's refinery assets in Singapore include an ethylene cracker that produces 1.1 million tons of ethylene per year and a refinery capable of producing 237,000 barrels per day.

Aster Chemicals & Energy, a joint venture between Chandra and Glencore, is rebranded Aster. It was originally planned to handle the feedstock procurement of crude unit and cracker.

Glencore had, on the other hand, set aside 20% of its refined fuel output for sale. (Reporting and editing by Christian Schmollinger, Savio D’Souza and Trixie Yap)

(source: Reuters)