Asia/Pacific News
Singapore: Shell Refinery Sale Incurs Billion Dollar Writedown
Monday January 8, 2024
Oil major Shell has flagged four quarter impairment costs of between $2.5 billion to $4.5 billion mainly related to the sales of refining assets in Singapore.
The update on the company's website gives an overview of its current fourth quarter expectations that may in the event differ from actual results set to be released on February 1.
The company's Bukom 237,000 barrels a day refinery is among the assets up for sale following a strategic review.
Potential buyers had been narrowed down to four in early December.
Market observers say that on the plus side the new owner would gain a foothold in the Asian market but on the downside would face stiff competition from other regional players.
