Asia/Pacific News
Sinopec Denies Plan to Acquire Shell Singapore Refinery
Chinese refiner Sinopec has said it is not interested in acquiring Shell's refinery in Singapore.
On Monday Sinopec President Yu Baocai denied earlier reports that the firm was considering acquiring the plant, news agency Reuters reported.
It emerged last week that Shell had tasked investment bank Goldman Sachs with advising on a potential sale of its Singapore assets, including the 237,000 b/d Pulau Bukom plant.
Some of the trading firms considering buying the plant may consider using it as an oil storage and distribution hub.
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.
Sinopec is still evaluating the possibility of building a refinery in Sri Lanka, Reuters cited Yu as saying.
