AsianOil: Shell looks to switch from oil to LNG assets in Singapore

Glencore, the Swiss commodity trading major, is reportedly in talks to acquire Shell’s oil operations in Singapore, according to sources familiar with the matter speaking to Reuters earlier in the month. The potential acquisition comes after several previous candidates for the assets reportedly withdrew from the competition.

The same sources are understood to have revealed that Glencore is currently evaluating Shell’s assets in the Southeast Asian economic hub with the assistance of Indonesian PT Chandra Asri Petrochemical. The assets under consideration include Shell’s Singapore refinery, which boasts a capacity of 237,000 barrels per day (bpd), along with an ethylene plant and a nearby mono-ethylene glycol production facility. Shell is said to have initiated a review of these assets in June of 2023 before ultimately deciding to divest from them.

"Glencore is working with Morgan Stanley on drafting a deal with the Big Oil major," the sources are said to have added, Reuters said.

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