CAGP, majority owned by Chandra Asri, to buy the assets
Transaction expected to be completed by end2024
Buyers get foothold in Asia39;s main oil hub but refinery is old

SINGAPORE, May 8 Reuters Shell said on Wednesday it has agreed to sell its refinery and petrochemical assets in Singapore, Asia39;s main oil hub, to a joint venture between Indonesian chemicals firm Chandra Asri and Swiss miner and commodities trader Glencore.

Reuters reported last August that Shell had hired Goldman Sachs to explore a potential sale of its refining and petrochemical plants in Singapore as part of a broader strategic review globally to become a lowercarbon operator.

The sale is part of Shell CEO Wael Sawan39;s plan to reduce the company39;s carbon footprint and focus its operations on the most profitable businesses.

The transaction will transfer all of Shells interest in Shell Energy and Chemicals Park Singapore to the joint venture company CAPGC, Shell said in a statement.

The companies did not provide a value for the deal.

Subject to regulatory approval, the transaction is expected to complete by the end of 2024, Shell added.

The buyers of Shell39;s assets on Bukom and Jurong islands would gain a foothold in one of the world39;s top oil refining and trading centres but would also face competition from newer refineries in China and elsewhere the Bukom facility opened in 1961 as well as a Singapore carbon tax set to rise sharply in 2024.

CAPGC is majorityowned and operated by…