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 A container ship passes Shell's Pulau Bukom refinery in Singapore November 17, 2020. REUTERS/Edgar Su

 

U.S. law firm Latham & Watkins has advised PT Chandra Asri Pacific, Indonesia's largest chemical and infrastructure solutions company, as part of a consortium buying Shell Energy and Chemicals Park Singapore (SECP) from Shell Singapore.

Shell will sell its entire interest in SECP to CAPGC, a joint venture that is majority-owned and operated by Chandra Asri and minority-owned by Glencore Asia Holdings through their respective subsidiary companies. The deal is valued between $600 mln and $1 billion, according to reports.

This divestment by Shell is the outcome of a strategic review of its energy and chemicals park assets on Bukom and Jurong Island in Singapore that began in June 2023. The review was in response to the ongoing high-grading of Shell Group’s chemicals and products portfolio, changing market conditions, and enhanced capital discipline, Shell said in a statement.

The Latham team was led by Singapore partner Timothy Hia and London partner Simon Tysoe and included Singapore counsel Carolyn Wong, Singapore associates David Shin, Cher Lin Chin, and Andrew Lee, and London associate Emily Smith.

Advice was also provided on project and finance matters by Singapore partner Owain Davies, and on antitrust matters by Brussels partner Luca Crocco.

 

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