Sinopec interested in buying Shell’s Bukom refinery in Singapore – report

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Chinese state-owned energy giant Sinopec Corp is interested in buying Shell’s Bukom refinery in Singapore to gain exposure to the Singapore market, Bloomberg News reported.

Shell is currently reviewing strategic options for the Bukom refinery as part of a reorganisation of its refining and chemicals businesses, the report said, adding that discussions are at a very preliminary stage and Shell has yet to make a final decision on the assets.

Shell may sell the refinery for a nominal price, but the buyer will assume the plant’s debts, including carbon taxes, which may total more than $1 billion, the report said.