Singapore energy scene in no danger of shake-up even as oil giants rejig portfolios: observers
Shell’s move to sell its refinery and petrochemical assets does not undermine Republic’s position as an oil hub
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SINGAPORE’S energy and chemical sector has in recent years seen an overhaul amid a global push towards greener energy and renewables away from conventional energy sources.
Yet, market watchers say the city-state is at little risk of losing its status as a key trading hub for oil, chemicals and petrochemicals.
Most recently, oil giant Shell on Wednesday (May 8) said it will sell its crown jewel refinery and petrochemical assets on the Republic’s Pulau Bukom and Jurong Island for an undisclosed sum, to a joint venture comprising commodity trader Glencore’s unit Glencore Asian Holdings and Chandra Asri Capital, a unit of Indonesia’s largest integrated petrochemical company.
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