04:46 AM EST, 11/14/2024 (MT Newswires) -- (Updates with responses from Shell in the second paragraph and Glencore in the last paragraph.)

Shell's (SHEL) Singapore refinery is on track to complete its sale to a joint venture between Indonesia's Chandra Asri and Switzerland's Glencore by Q1, Shell said in a statement to MT Newswires.

"The divestment is subject to regulatory clearance and other customary closing conditions," a company spokesperson said. "Subject to regulatory approval, the transaction is expected to complete by the first quarter of next year."

The new entity, called Aster Chemicals and Energy, will devote roughly 20% of its output to Shell and has secured a long-term crude oil supply from Abu Dhabi National Oil while negotiating for other sources, Reuters reported.

Reuters cited a Shell spokesperson as saying current employees at the refinery will retain their employment under the new management.

Glencore declined to comment. Chandra Asri did not immediately reply to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 67.32, Change: -0.17, Percent Change: -0.24