Shell Pursuing Sale of Singapore Refining Assets: Report

by Ship & Bunker News Team
Tuesday October 31, 2023

Shell's ageing Bukom refinery which the oil major may want to sell has attracted interest from Chinese players.

Shell has asked for non-binding bids for its Singapore-based plant in the coming weeks with China National Offshore Oil Company (CNOOC) and two chemical firms showing interest, Reuters has said citing sources close to the matter.

In August, Shell hired Goldman Sachs to explore a potential sale of its refining and petrochemical plants in Singapore. Another Chinese oil firm, Sinopec, said at the time it wasn't interested.

CNOOC, Eversun Holdings and Wanhua Chemical are among those that have started early evaluations of Shell assets that include a 237,000 barrels per day refinery and a one million metric ton per year ethylene cracker, the sources said.

The companies are among more than a dozen Shell invited to explore interest in the facilities, the report added.

Shell said the strategic review of its energy and chemicals park assets in Singapore is ongoing and it is exploring several options including divestment in response to questions from the news agency.