Corrected: Shell holds talks with Qatar Petroleum on Singapore chems stakes

09 November 2009 17:48  [Source: ICIS news]

Correction: In the ICIS news story headlined "Shell holds talks with Qatar Petroleum on Singapore chems stakes" dated 9 November 2009, please read in the sixth paragraph ... polyethylene (PE) and polypropylene (PP) maker TPC ... instead of ... polyethylene (PE) and polypropylene (PP) maker PCS ... A corrected story follows.

LONDON (ICIS news)--Shell is in negotiations with Qatar Petroleum International (QPI) about the potential sale of part of its interests in Petrochemical Corporation of Singapore (Private) Ltd (PCS) and The Polyolefin Company (Singapore) Pte Ltd (TPC) in Singapore, Shell said on Monday.

An agreement could be signed as soon as 11 November, according to media reports, but this could not be confirmed.

“Further detail regarding negotiations and terms [is] commercially sensitive and confidential,” a Shell spokesman told ICIS news. “It is too early for Shell (or QPI) to confirm a deal or comment on timescales,” he added.

PCS describes itself as the “upstream company of the S$5.4 billion [$3.9bn] Singapore Petrochemical Complex on Jurong Island”, which is Singapore’s petroleum and petrochemical industry hub.

It supplies olefins, aromatics and utilities to downstream plants at the complex and produces methyl tertiary butyl ether (MTBE).

Shell has a 30% stake in polyethylene (PE) and polypropylene (PP) maker TPC, while a consortium of Japanese companies led by Sumitomo holds 70% of that venture.

Shell, QPI and PetroChina are conducting a feasibility study for an $11.7bn petrochemical complex in Taizhou in China's eastern province of Zhejiang. The project would include a 20m tonne/year refinery and a 1.2m tonne/year ethylene plant.

Shell’s plans for a 1.3m tonne/year cracker and derivatives complex joint venture with QPI in Ras Laffan, Qatar, are believed to have been put on hold because of an ongoing moratorium on the development of new gas-based projects in the country.

($1 = S$1.39)

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By: Nigel Davis
+44 20 8652 3214

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