Market Chatter: Shell on Track to Sell Singapore Refinery to Chandra Asi, Glencore

MT Newswires Live11-13

Shell's (SHEL) Singapore refinery is on track to complete its sale to a joint venture between Indonesia's Chandra Asri and Switzerland's Glencore by Q1, Reuters reported Wednesday, citing sources familiar with the matter.

The new entity, called Aster Chemicals and Energy, will devote roughly 20% of its output to Shell and has secured a long-term crude oil supply from Abu Dhabi National Oil while negotiating for other sources, the report said.

Reuters cited a Shell spokesperson as saying current employees at the refinery will retain their employment under the new management.

Shell, Chandra Asri, and Glencore did not immediately reply to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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