Latham Advises Chandra Asri on Acquisition of Shell’s Energy and Chemicals Assets in Singapore

Latham & Watkins has advised PT Chandra Asri Pacific Tbk (Chandra Asri), Indonesia's leading chemical and infrastructure solutions company, on the formation of a consortium with Glencore plc (Glencore) and the acquisition by the consortium from Shell Singapore Pte. Ltd. (SSPL) of all of SSPL’s interest in Shell Energy and Chemicals Park Singapore (SECP). The transaction, which is subject to regulatory approval, is expected to close by the end of 2024.

CAPGC Pte. Ltd. is a joint venture that is majority-owned and operated by Chandra Asri and minority-owned by Glencore through their respective subsidiary companies. CAPGC’s acquisition of SECP comprises a refinery with processing capacity of 237,000 barrels per day of crude oil, a 1.1 million metric ton per annum ethylene cracker on Bukom island, and downstream chemical assets on Jurong Island.

The Latham team was led by Singapore partner Timothy Hia and London partner Simon Tysoe, with Singapore counsel Carolyn Wong; Singapore associates David Shin, Cher Lin Chin, and Andrew Lee; and London associate Emily Smith. Advice was also provided on project and finance matters by Singapore partner Owain Davies, counsel Howe Min Wee, and associates Rob Thompson, Hui-Yan Chew, and Wen Yi Tan; on antitrust matters by Brussels partner Luca Crocco, with associates Giuseppe Liotine and Stergos Chatzidiakos; and on DTT matters by Singapore counsel Esther Franks, with associate Zoe Wang.