Storage tanks at the shell refinery in Pulau Bukom, Singapore on Wednesday, August 25, 2021.
Nursing images by Getty images
The joint venture backed by Indonesian billionaire Prajogo Pangestu and commodity trader Glencore have completed the acquisition of Shell's refinery and petrochemical assets in Singapore.
According to the deal, the deal was first announced in May 2024, CAPGC – Majority owned by Pangestu Chandra Asri PacificShell said it was a major petrochemical company in Indonesia – according to Shell, it will take over Shell's interests in Singapore's Shell Energy and Chemical Park.
CAPGC's acquisition of assets includes an oil refinery capable of producing 237,000 barrels of oil per day and ethylene biscuits on Pulau Bukom and at the petrochemical plant in Miyajima. The financial terms of the deal have not been disclosed, but Bloomberg once said the deal was worth about $1 billion.
After the sale, Singapore remains a key part of Shell's operations in the region, while city-states continue to be a regional hub for the energy giant's marketing and trading operations. “Shell continues to support Singapore’s energy demand through its operations in a range of energy products including LNG supply and trade,” it said. “Shell also continues to continue to grow its retail network as it invests in electric vehicle charging infrastructure as a national transition.”
Jakarta-listed Chandra Asri is part of Pangestu's Barito Pacific, which started as a timber company, and tycoons turned into energy and petrochemical giants. When Forbes Asia last published the Indonesia 50 richest list in December 2024, it had a net worth of $32.5 billion, Pangestu was the second largest person in the country. He also owns a stake in coal mining company Petrindo Jaya Kreasi, which went public in 2023.
