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Oil demand is expected to crash due to rise of EVs and peak population growth:
From Google AI:
In recent months, Shell has been selling off its Singapore assets, including its refinery and chemicals hub, as part of a broader strategy to reduce its carbon footprint and focus on more profitable businesses like LNG. This has led to a significant restructuring of Shell's operations in Singapore. [1, 2, 3]
Here's a more detailed breakdown: [1, 2]
[2] https://www.businesstimes.com.sg/companies-markets/shell-selling-its-first-born-singapore-and-its-energy-transition-and-growth-plans
[3] https://www.shell.com/news-and-insights/newsroom/news-and-media-releases/2024/shell-to-sell-interest-in-singapore-energy-and-chemical-park.html
[4] https://www.icis.com/explore/resources/news/2024/11/14/11050478/shell-singapore-site-divestment-deal-to-be-completed-in-q1-2025
[5] https://www.reuters.com/business/en...tedown-singapore-rotterdam-plants-2024-07-05/
[6] https://www.businesstimes.com.sg/in...plant-delay-cost-shell-us2-billion-impairment
[7] https://www.reuters.com/markets/deals/chandra-asri-purchase-shell-singapore-refinery-brings-scale-risk-2024-05-09/
[-] https://www.reuters.com/business/en...tedown-singapore-rotterdam-plants-2024-07-05/
From Google AI:
In recent months, Shell has been selling off its Singapore assets, including its refinery and chemicals hub, as part of a broader strategy to reduce its carbon footprint and focus on more profitable businesses like LNG. This has led to a significant restructuring of Shell's operations in Singapore. [1, 2, 3]
Here's a more detailed breakdown: [1, 2]
- Shell's Strategic Review: In June 2023, Shell initiated a strategic review of its assets in Singapore, aiming to reduce its carbon footprint and focus on its most profitable businesses, such as liquefied natural gas (LNG). [1, 2]
- Sale of Singapore Refinery and Chemicals Hub: As part of this strategy, Shell announced the sale of its Energy and Chemicals Park in Singapore to CAPGC, a joint venture between Chandra Asri and Glencore. [1, 3, 4]
- Reasons for the Sale: The sale is part of Shell CEO Wael Sawan's plan to reduce the company's carbon footprint and focus on its most profitable businesses. [1, 2]
- Impairment: Shell expects to take an impairment of $600 to $800 million on the Singapore refining and chemicals hub that it agreed to sell in May. [5]
- Other Actions: Shell also announced a pause in construction of a biofuels plant in Rotterdam, which will result in a non-cash post-tax impairment of US$600 million to US$1 billion. [5, 6]
- Shell's Focus: Shell is now focusing on its most profitable businesses, such as liquefied natural gas (LNG) and renewable energy. [1, 2]
- Impact on Singapore: The sale of Shell's Singapore assets is expected to have a significant impact on the Singapore economy, as the refinery and chemicals hub are major contributors to the country's economy. [1, 7]
[2] https://www.businesstimes.com.sg/companies-markets/shell-selling-its-first-born-singapore-and-its-energy-transition-and-growth-plans
[3] https://www.shell.com/news-and-insights/newsroom/news-and-media-releases/2024/shell-to-sell-interest-in-singapore-energy-and-chemical-park.html
[4] https://www.icis.com/explore/resources/news/2024/11/14/11050478/shell-singapore-site-divestment-deal-to-be-completed-in-q1-2025
[5] https://www.reuters.com/business/en...tedown-singapore-rotterdam-plants-2024-07-05/
[6] https://www.businesstimes.com.sg/in...plant-delay-cost-shell-us2-billion-impairment
[7] https://www.reuters.com/markets/deals/chandra-asri-purchase-shell-singapore-refinery-brings-scale-risk-2024-05-09/
[-] https://www.reuters.com/business/en...tedown-singapore-rotterdam-plants-2024-07-05/