After the wildfires — lessons on being prepared | SaltWire #wildfire #novascotia #thinkingoutoudSINGAPORE - Oil giant Shell 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, culminating a process that began last year.
Its Jurong Island facility has a 800,000-tpy steam cracker and other derivative petrochemical units making products such as monoethylene glycol and styrene, which are key feedstocks for the polyester and plastic industries.HOW WILL THE DEAL AFFECT REGIONAL TRADE IN CRUDE OIL AND REFINED PRODUCTS? In the longer run, however, there could be a shift in focus from fuel production to chemicals instead because of economics.
"The ownership of Shell's refinery will give additional flexibility in feedstock sourcing. Chandra Asri can also tap into Glencore's logistical capabilities to improve the synergy between the two manufacturing sites," said Wood Mackenzie principal analyst Catherine Tan.