Asia/Pacific News
Shell Mulls Sale of Singapore Refinery: Report
Friday August 25, 2023
Global energy producer Shell is reportedly considering selling its refinery in Singapore.
The firm has tasked investment bank Goldman Sachs with exploring a potential sale of the 237,000 b/d Pulau Bukom plant, news agency Reuters reported on Thursday, citing sources close to the matter.
The refinery was Singapore's first, built in 1961.
Some of the trading firms considering buying the plant may consider using it as an oil storage and distribution hub, according to the report.
The refinery is at the centre of a series of court cases affecting Singapore's bunker market, with former Shell employees alleged to have misappropriated tens of millions of dollars' worth of MGO from the plant between 2014 and 2018.
