Indonesian billionaire acquires Shell’s assets in Singapore

In May 2024, a joint venture between Prajogo Pangestu's Chandra Asri and commodities trader Glencore successfully finalized the acquisition of Shell's refinery and petrochemical assets located in Singapore. This strategic move involved taking over Shell Energy and Chemicals Park Singapore, which includes a refinery that has the capacity to produce 237,000 barrels of oil per day, an ethylene cracker situated on Pulau Bukom, and a petrochemical plant on Jurong Island. Although the specific financial details were not disclosed, prior reports indicated that the transaction might be valued around $1 billion, demonstrating the scale and significance of this deal in the region's energy sector. Following the acquisition, Singapore still remains integral to Shell’s operations, which continue to provide a range of energy products, including liquefied natural gas, while investing in electric vehicle infrastructure amid ongoing transitions within the energy market. Chandra Asri, listed in Jakarta and a significant entity in the petrochemicals sphere, is a key player in Indonesia’s industrial landscape, evolving from its roots in timber to a multi-faceted energy and petrochemical firm under Pangestu's leadership, who is recognized as Indonesia’s second-richest individual with a current net worth of $32.5 billion according to Forbes Asia.