Shell has finalized the sale of its Singapore refinery and associated assets to a joint venture between Indonesia’s Chandra Asri and the global commodities trader Glencore. The deal marks a significant move in Shell’s strategy to streamline its operations and focus more on its core energy sectors.

The acquisition, valued at billions of dollars, positions Chandra Asri as a key player in Southeast Asia’s petrochemical industry. It also strengthens Glencore’s position in the region’s growing energy and chemicals market. As part of the transaction, Chandra Asri and Glencore will jointly manage the refinery, which is an important part of Singapore’s energy infrastructure.

This sale comes as part of Shell’s broader global strategy to reduce its refining footprint and concentrate on higher-value assets and renewable energy projects. The move also aligns with Shell’s efforts to pivot towards more sustainable energy solutions in the face of shifting global energy demands.

Both Chandra Asri and Glencore have expressed their commitment to maintaining the refinery’s operations and ensuring a smooth transition, aiming to continue supporting the local economy while improving efficiency and capacity in the region’s petrochemical sector.