PT Chandra Asri Pacific Tbk (PTCAY)
- Reuters
Analysis-Chandra Asri purchase of Shell Singapore refinery brings scale, risk
SINGAPORE (Reuters) -While Chandra Asra's deal to buy Shell's Singapore refinery will see it join the ranks of Southeast Asia's largest petrochemicals players, it is taking on the risk of running an aging facility in a highly competitive sector. In taking over Shell's Bukom facility, which dates to 1961, Indonesia's Chandra Asri Pacific will acquire an asset that is less efficient than more modern plants but which gives it a second naphtha cracker, expands its product portfolio, and renders unnecessary plans to build a greenfield complex in its home country, analysts and industry insiders said.
- Reuters
Shell's Singapore refinery sale and its market significance
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. WHY IS SHELL SELLING ITS SINGAPORE "CROWN JEWEL" REFINERY?
- Reuters
Glencore-backed group nears deal for Shell's Singapore assets, Bloomberg reports
The parties are working on the details of a transaction that could be announced as soon as the coming weeks, Bloomberg reported, citing people with knowledge of the matter. The assets include a refinery capable of processing 237,000 barrels per day (bpd) of oil and a 1-million-metric-ton-per-year ethylene plant located on Bukom island, just south of Singapore, as well as a plant that produces mono-ethylene glycol on Jurong island in the Southeast Asian city-state's west. Under the terms of the potential deal, PT Chanda Asri would become the operator and majority owner of the assets, while Glencore would hold a non-operating minority stake, the report said.
