A joint venture backed by Indonesian billionaire Prajogo Pangestu’s Chandra Asri and commodities trader Glencore has completed the acquisition of Shell’s refinery and petrochemical assets in Singapore.
Under the deal, which was first announced in May 2024, CAPGC—majority owned by Pangestu’s Chandra Asri Pacific, a major petrochemicals company in Indonesia—will take over Shell’s interests in Shell Energy and Chemicals Park Singapore, according to Shell.
The assets acquired by CAPGC comprise a refinery capable of producing 237,000 barrels of oil per day and an ethylene cracker on Pulau Bukom as well as a petrochemical plant on Jurong Island. Financial terms of the transaction weren’t disclosed but s previous Bloomberg report said the deal could be worth about $1 billion.
Following the sale, Singapore remains a key part of Shell’s operations in the region with the city-state continuing to be a regional hub for the energy giant’s marketing and trading business. “Shell continues to support Singapore’s energy needs through its businesses in a range of energy products, including liquefied natural gas supply and trading,” it said. “Shell also continues to grow its retail network while investing in electric vehicle charging infrastructure as the country transitions.”
Jakarta-listed Chandra Asri is part of Pangestu’s Barito Pacific, originally a timber company that the tycoon transformed into energy and petrochemicals behemoth. With a net worth of $32.5 billion when Forbes Asia last published the list of Indonesia’s 50 Richest in December 2024, Pangestu is the country’s second-richest person. He also holds a stake in coal mining firm Petrindo Jaya Kreasi which went public in 2023.