China's CNOOC and two chemical firms are exploring the acquisition of Royal Dutch Shell's assets in Singapore

(https://www.reuters.com/business/energy/chinas-cnooc-two-chemical-firms-looking-shell-singapore-assets-sources-2023-10-31/). The potential deal includes Shell's refining and chemicals assets on Bukom Island, which could be worth several billion dollars. This move reflects China's growing appetite for overseas assets in the energy and chemicals sectors, as the country seeks to strengthen its position in these industries.

 

CNOOC, together with Zhejiang Petrochemical and Hengli Petrochemical, are reportedly in the early stages of evaluating the assets. The companies are attracted to the strategic location of Shell's Singapore plant, which has one of the largest oil refining capacities in the world. Additionally, the acquisition would provide the Chinese firms with a foothold in the competitive Southeast Asian market.

 

The sale of these assets aligns with Shell's strategy to shift towards renewable energy and reduce its carbon footprint. The company has been actively divesting from non-core businesses and focusing on investments in clean energy. The potential deal with Chinese firms could provide Shell with the necessary capital to fund its transition to cleaner sources of energy.

 

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