Explainer-Shell’s Singapore refinery sale and its market significance

By Trixie Yap SINGAPORE (Reuters) – Oil giant Shell said on Wednesday that it has agreed to sell its Bukom refinery in Singapore – one of the world’s largest oil refining and trading centres – to a joint venture of Indonesian chemicals firm PT Chandra Asri and global trading house Glencore, culminating a process that began last year. Here are the key details and what’s next: WHY IS SHELL SELLING ITS SINGAPORE “CROWN JEWEL” REFINERY? The sale of the complex, which opened in 1961, is part of CEO Wael Sawan’s plan to reduce the company’s carbon footprint and to focus…