10:13 AM EDT, 05/03/2024 (MT Newswires) -- (Updates to add details in the second, third and fourth paragraphs.)

A consortium including Glencore Plc and Indonesia's PT Chandra Asri Pacific is in advanced talks to buy Shell's (SHEL) assets in Singapore in a deal that could be worth $1 billion, Bloomberg reported, citing people with knowledge of the matter.

Terms of the potential deal include Chandra Asri becoming the operator and majority owner of the assets, and Glencore holding a nonoperating minority stake, one of the people said, Bloomberg reported.

A transaction could be announced as soon as the coming weeks, the people said, according to the report.

Shell's Singapore assets include an oil refinery, a monoethylene glycol production facility on Jurong Island and an ethylene plant on Pulau Bukom, the report said.

Glencore, PT Chandra Asri Pacific and Shell did not respond immediately to MT Newswires' requests 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.)

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