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Shell Ponders Selling Its Singapore Chemical Wonderland

… let’s all give a sarcastic round of applause for Shell as it maybe, possibly, considers doing something that looks slightly less damaging to the planet. We can’t wait to see how this strategic reconsideration unfolds.

Posted 26 August by John Donovan

Oh, how times have changed! Shell, the ever-visionary captain of industry (and pollution), is contemplating selling off its oh-so-sustainable refining and chemical assets in Singapore.

“Our strategic review is ongoing and we are exploring several options including divestment,” dutifully mouthed a Shell spokesperson in an email that probably took ages to compose for its utter profundity. Are they finally seeing the green light, or is it just the glare from their offshore oil rigs?

Shell CEO Wael Sawan stated back in June that the company would initiate a “full review” of its two sites in Singapore, Pulau Bukom and Jurong Island, to repurpose its energy and chemicals footprint for—you won’t believe this—”more low-carbon solutions.” Wow, talk about an epiphany!

Why the sudden enlightenment? Well, it’s in response to the “ongoing high grading journey” of Shell’s Chemicals and Products portfolio and, of course, the “current challenging market conditions and enhanced capital discipline,” said the same articulate spokesperson.

But don’t worry, Singapore, you’re still special to Shell. Your role as a trading and marketing hub to “serve our customers in the region remains important,” they added. After all, where else would they find a centralized location for their ethylene, ethylene oxide, benzene, and other such environmentally friendly products?

Reuters reported that investment banking darling Goldman Sachs has been brought on board to explore the potential garage sale of Shell’s Singapore assets. Noteworthy bidders allegedly include China’s Sinopec, and global trading firms Vitol and Trafigura.

So let’s all give a sarcastic round of applause for Shell as it maybe, possibly, considers doing something that looks slightly less damaging to the planet. We can’t wait to see how this strategic reconsideration unfolds.

Shell is invited to point out for correction any factual inaccuracies.

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