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Swiss miner and commodities trader Glencore is considering buying Shell Group’s refinery and petrochemical complex in Singapore. Shell is looking for potential buyers, while Glencore may jointly evaluate the assets with Indonesia’s Jandra Asri Petrochemicals.
The Singapore assets, which include a refinery and an ethylene plant, will serve as Glencore’s physical base in Asia. The deal will strengthen Glencore’s position in the region despite aging assets and competitive pressures.
Shell selected several potential buyers last year but has given up on some. Morgan Stanley is involved in studying a possible deal, people familiar with the matter said. No other firms commented.
(Source: Oriental Daily Picture source: freepik)
