Sinopec expresses no interest in acquiring Shell’s refinery or petrochemical in Singapore
- Published
by Admin
Refining giant Sinopec Corp President Yu Baocai on Monday (28 August) reportedly said the company is not interested in acquiring Shell’s refinery or petrochemical in Singapore, according to several media reports.
Instead, the firm is interested in participating in the Jafurah shale gas project in Saudi Arabia.
The development came following Reuters’ report quoting sources that Shell had hired Goldman Sachs to advise on a potential sale of its Singapore assets and that Sinopec was among the companies reviewing them.
Yu also reportedly said that Sinopec was one of the international companies invited by the Sri Lankan government to build a refinery there, and that it was evaluating the matter.
Reuters also previously reported Saudi Arabian oil giant Aramco was in a “listening phase” on proposals from refining giant Sinopec Corp and French oil major TotalEnergies to invest in the Jafurah project, the largest shale gas development outside the U.S., with reserves estimated at 200 trillion cubic feet of raw gas.
Photo credit: Sinopec
Published: 29 August, 2023
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