) said on Wednesday that it has agreed to sell its Bukom refinery in Singapore - one of the world's largest oil refining and trading centres - to a joint venture of Indonesian chemicals firm PT Chandra Asri and global trading house Glencore .
"It's very typical for a trading house to provide trade finance to refiners and in return they get paid by cargoes. This way, a trading house can secure long-term stable product supply," said Beijing-based director of downstream consulting at S&P Global Commodity Insights Harry Liu.
From the downstream portion, Chandra Asri is likely to take naphtha from the Bukom facility to feed its steam cracker, according to a source directly involved in the matter as well as analysts.
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