Shell Singapore Pte Ltd (SSPL), a subsidiary of Shell, has successfully completed the previously announced sale of its Energy and Chemicals Park in Singapore to CAPGC Pte. Ltd. (CAPGC), a joint venture between Chandra Asri Capital Pte. Ltd. and Glencore Asian Holdings Pte. Ltd.
The transaction was done through the sale of shares in Aster Chemicals and Energy Pte. Ltd., which is incorporated in Singapore and a fully-owned subsidiary of SSPL.
The divestment is in line with Shell's ongoing efforts to high-grade its Chemicals and Products business. Shell remains committed to Singapore with its role as an important regional hub for Shell’s marketing and trading business.
Staff in Shell Energy and Chemicals Park Singapore will continue their employment with Aster Chemicals and Energy Pte. Ltd. under the new ownership, providing continuity for staff and contributing to ongoing operational reliability and safety.
Background
- Shell continues to support Singapore’s energy needs through its businesses in a range of energy products, including liquefied natural gas supply and trading. Shell also continues to grow its retail network while investing in electric vehicle charging infrastructure as the country transitions.
- CAPGC is a joint venture that is majority-owned and operated by Chandra Asri Group and minority-owned by Glencore through their respective subsidiary companies. Chandra Asri is Indonesia’s leading chemical and infrastructure solutions company, supplying products and services to various manufacturing industries in both domestic and international markets. Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities that advance everyday life.
Source: Shell
