• Investing
  • Stock
  • Economy
  • Editor’s Pick
Portfolio Performance Today
Stock

Shell offloads Singapore refinery to Chandra Asri-Glencore joint venture

by April 1, 2025
by April 1, 2025

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

0 comment
0
FacebookTwitterPinterestEmail

previous post
LEE ZELDIN: Why we’re shutting down Biden’s EPA museum
next post
Celsius bets on women consumers—will its stock soar?

Related Posts

Asian stocks end mixed: Hang Seng snaps winning...

June 7, 2025

Starlink reportedly secures key licence in India, moves...

June 7, 2025

US stocks surge at open: S&P up 0.9%,...

June 7, 2025

Goldman Sachs sees little upside for Tesla on...

June 7, 2025

Trump-Musk feud could end up helping Tesla stock,...

June 7, 2025

Beyond tariffs: Lululemon stock’s bigger problem is growth...

June 7, 2025

XRP whales buy $1.9 billion as price clings...

June 7, 2025

Gemini crypto exchange planning to go public following...

June 7, 2025

Top 2 private equity stocks to buy for...

June 7, 2025

RBI turns neutral after sharp rate cut; ING...

June 7, 2025

Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.

By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

Recent Posts

  • New research from IoT Analytics highlights the top 10 industrial technology trends

    June 7, 2025
  • Asian stocks end mixed: Hang Seng snaps winning streak, Nikkei jumps 0.5%

    June 7, 2025
  • Starlink reportedly secures key licence in India, moves closer to launching services

    June 7, 2025
  • US stocks surge at open: S&P up 0.9%, Dow jumps 400 points

    June 7, 2025
  • Goldman Sachs sees little upside for Tesla on falling sales volume

    June 7, 2025
  • Trump-Musk feud could end up helping Tesla stock, Tom Lee predicts

    June 7, 2025

Editors’ Picks

  • 1

    Walmart earnings preview: What to expect before Thursday’s opening bell

    February 20, 2025
  • 2

    Meta executives eligible for 200% salary bonus under new pay structure

    February 21, 2025
  • 3

    New FBI leader Kash Patel tapped to run ATF as acting director

    February 23, 2025
  • 4

    Anthropic’s newly released Claude 3.7 Sonnet can ‘think’ as long as the user wants before giving an answer

    February 25, 2025
  • 5

    Elon Musk says federal employees must fill out productivity reports or resign

    February 23, 2025
  • 6

    Nvidia’s investment in SoundHound wasn’t all that significant after all

    March 1, 2025
  • 7

    Cramer reveals a sub-sector of technology that can withstand Trump tariffs

    March 1, 2025

Categories

  • Economy (1,383)
  • Editor's Pick (144)
  • Investing (165)
  • Stock (892)
  • About us
  • Contact us
  • Privacy Policy
  • Terms & Conditions

Copyright © 2025 Portfolioperformancetoday.com All Rights Reserved.

Portfolio Performance Today
  • Investing
  • Stock
  • Economy
  • Editor’s Pick
Portfolio Performance Today
  • Investing
  • Stock
  • Economy
  • Editor’s Pick
Copyright © 2025 Portfolioperformancetoday.com All Rights Reserved.

Read alsox

Top 4 catalysts for the Dow Jones...

May 26, 2025

Broadcom stock price forecast: is AVGO a...

March 3, 2025

New fuel rule changes shake up Mediterranean...

April 30, 2025