By Romel S. Gurky
Shell Singapore Pte Ltd (SSPL), a subsidiary of Shell plc, has completed the sale of Shell Energy and Chemicals Park (SECP) in Singapore to CAPGC Pte. Ltd., a joint venture between Chandra Asri Capital Pte. Ltd. and Glencore Asian Holdings Pte. Ltd. The transaction, finalized on March 28, 2025, involves the sale of 100% of Shell’s interests in its integrated refining and chemicals assets in Singapore, including physical assets and commercial contracts.
The Shell Energy and Chemicals Park comprises assets on Pulau Bukom and Jurong Island. Pulau Bukom hosts Shell’s 237,000 barrels-per-day refinery and a 1.1 million tonnes-per-year ethylene cracker, marking it as Singapore’s first refinery, established in 1961. Additionally, Shell’s Jurong Island facilities cover over 60 hectares and manufacture key petrochemicals such as ethylene oxide, ethoxylates, styrene monomer, and propylene oxide. This site is Shell’s largest petrochemical production and export center in the Asia-Pacific region.
CAPGC, majority-owned by Indonesia’s Chandra Asri Group (IDX: TPIA) and minority-held by Glencore, will take over operations, focusing on maintaining reliability and safety standards at the facility.
Read also: Chandra Asri: Acquisition of SECP, a strategic move for growth, synergy
The acquisition will allow Chandra Asri to supply essential petroleum products such as gasoline, jet fuel, gas oil, and bitumen to support various industries in Indonesia. Additionally, the acquisition will address gaps in the supply of critical chemical products, including ethylene, propylene, and styrene monomers, bolstering the country’s manufacturing capabilities and reducing reliance on foreign imports.
The transaction follows a competitive bidding process, and CAPGC's acquisition of the Singapore Energy and Chemicals Park will play a key role in the transition to sustainable energy solutions. Chandra Asri Group, a major player in the Indonesian chemical and infrastructure sector, along with Glencore, is expected to drive the next phase of the facility’s operations.
Editing by Alexander Ginting
