Glencore, a Swiss mining and commodities buying and selling company, is in the strolling to collect Shell‘s oil refinery and petrochemical devices in Singapore, stated Reuters, bringing up sources.
This circulate comes after preceding potential shoppers withdrew their interest.
The UK-based oil giant has been searching for a brand new owner for the assets, which consist of a refinery with a capacity of 237,000 barrels per day (bpd) and a one-million-tonne-in line with-12 months ethylene plant on Bukom Island, as well as a mono-ethylene glycol manufacturing facility on Jurong Island.
With the purchase of the Bukom and Jurong assets, Glencore expects to build a sizable bodily presence in Asia’s number one oil hub.
The Swiss organization is working with PT Chandra Asri Petrochemical of Indonesia on the capability acquisition.
However, the aging facilities have been dealing with profitability-demanding situations, particularly in the petrochemicals area, and are up to stiff competition from more recent refineries, mainly in China.
