Shell pulls out its investment! Involving millions of tons of refining and petrochemical production capacity!

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On April 1, global energy giant Shell issued a statement saying it had completed the sale of its Singapore petrochemical complex to a joint venture formed by Glencore and Indonesian chemical manufacturer PT Chandra Asri Pacific. It is understood that this deal involves the refineries and chemical facilities on Maohuangdao and Jurong Island. Shell first disclosed its sale plans in May 2024, and in November of the same year announced that the transaction was expected to be completed in the first quarter of 2025. The deal was finally finalized recently. Mao Hiroshima includes a refinery with a capacity of 237,000 barrels per day and an ethylene cracking unit with an annual capacity of 1.1 million tons. Built in 1961, this facility was once a major hub for oil refining and trading worldwide. Jurong Island primarily produces petrochemical products such as ethylene oxide, ethoxylates, styrene monomer, and propylene oxide, and it is Shell’s largest petrochemical production and export center in the Asia-Pacific region. Shell stated that this withdrawal of investment is an important step in its ongoing efforts to develop its chemicals business, and that it will continue to support Singapore’s energy needs through a range of energy product services, including the supply and trading of liquefied natural gas.