Shell Completes Sale of Singapore Energy Assets to CAPGC

Shell PLC has completed the sale of its Energy and Chemicals Park in Singapore to CAPGC Pte. Ltd., a joint venture between Chandra Asri Capital and Glencore. This transaction includes a refinery and ethylene cracker on Pulau Bukom, along with chemical production units on Jurong Island, and is part of Shell's strategy to streamline its chemicals and products business while maintaining its presence in Singapore. Employees at the facility will continue their roles under the new ownership, ensuring operational continuity. CAPGC aims to enhance operational efficiencies and further develop the facility, which is expected to benefit Singapore's energy sector. Despite the divestment, Shell remains committed to supporting Singapore's energy needs and investing in sustainable solutions, including electric vehicle infrastructure. The financial terms of the deal were not disclosed, but previous reports indicated it could be valued at around $1 billion.