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☆ Oil giant Shell waters down its near-term emission cuts in strategy update
▼ + stars: | 2024-03-14 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

British oil giant Shell on Thursday announced plans to moderate its near-term carbon emissions cuts, while maintaining its pledge to become a net-zero company by the middle of the century. Shell said it had also dropped its goal of a 45% reduction by 2035, citing "uncertainty in the pace of change in the energy transition." The net carbon intensity targets are measured against a baseline of emissions in 2016. We have updated our net carbon intensity target to reflect that change." Shell's update comes as European energy majors continue to tweak their plans in the transition to clean-energy technologies.

Persons: Shell, Wael Sawan Organizations: BP

Still, it posted a healthy adjusted profit and the company raised its quarterly dividend. Exxon earned $7.63 billion, or $1.91 per share, for the quarter. Chevron also reported its financial results Friday, posting a fourth-quarter adjusted profit of $3.45 per share on revenue of $47.18 billion. Wall Street was calling for a profit of $3.29 per share on revenue of $52.59 billion. On Thursday, Shell plc reported an adjusted profit of $2.22 for the fourth quarter, with revenue totaling $80.13 billion.

Persons: Chevron, “ Organizations: Exxon Mobil's, Revenue, Zacks Investment Research, Exxon, Denbury Resources, Natural Resources, Federal Trade Commission, Hess Corp, Chevron, Shell plc, Analysts, Hamas, U.S Energy Information Administration Locations: California, , Texas, premarket, San Ramon , California, Saudi Arabia, Russia, Israel

LONDON (AP) — Oil giant Shell saw profits tumble by nearly a third in 2023 as a result of lower oil and natural gas prices, which had surged the year before in the wake of Russia's invasion of Ukraine. In a statement Thursday, London-based Shell said its post-tax earnings fell 29%, to $28.3 billion from the previous year's all-time high of $40 billion. The main reason behind the decline was the fall in energy prices, with oil trading at an average of $82 a barrel against $100 the year before. Last year, Shell effectively abandoned one of its green pledges, which was to cut oil production by 1% to 2% each year until the end of the decade, saying it had already met the goal. Shell and the wider oil and gas sector also are under pressure to pay more in taxes on windfall profits as households have struggled during a cost-of-living crisis driven by higher energy costs.

Persons: Shell, Wael Sawan, “, ”, Yemen’s Houthi, Sinead Gorman Organizations: —, Shell, Greenpeace, BP Locations: Ukraine, London, U.N, Red

☆ Oil giant Shell posts full-year profit beat, announces $3.5 billion share buyback
▼ + stars: | 2024-02-01 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

British oil giant Shell on Thursday beat expectations for full-year profit, announcing a 4% increase to its dividend and a $3.5 billion share buyback program. Shell reported adjusted earnings of $28.25 billion for the full-year 2023, a 29% drop compared to its highest-ever annual profit of $39.9 billion the year prior. Analysts had expected Shell's full-year 2023 net profit to come in at $27.5 billion, according to an LSEG-compiled consensus. Shell announced a 4% increase in dividend per share for the fourth quarter and said a share buyback program of $3.5 billion will be carried out over the next three months. The firm added it had now completed another $3.5 billion of share buybacks announced in November last year.

Persons: Shell, Wael Sawan, Sawan, Brent Organizations: Shell, Brent, U.S, West Texas Intermediate, Exxon Mobil, Chevron, BP Locations: Nakuru, Kenya, British, London, Singapore

☆ Red Sea risk to oil 'very real,' prices could change rapidly if supply disrupted, Chevron CEO says
▼ + stars: | 2024-01-16 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

The Chevron CEO said he was surprised that U.S. crude oil was trading below $73 a barrel because the "risks are very real." Shell suspends Red Sea shipmentsThe British oil major Shell has suspended shipments through the Red Sea, people familiar with the matter told The Wall Street Journal Tuesday. Shell's decision to halt shipments through the crucial trade chokepoint comes about a month after BP paused transits through the Red Sea. Several major tanker companies, which transport petroleum products such as gasoline as well as crude oil, halted traffic toward the Red Sea on Friday. The militants on Tuesday launched an antiship ballistic missile that struck a Maltese-flagged bulk carrier in the Red Sea, according to U.S. Central Command.

Persons: Michael Wirth, " Wirth, Wirth, Shell, Houthi, CENTCOM, Sullivan Organizations: Chevron, CNBC, Economic, U.S, Navy's, Shell, Red, Wall, BP, Tuesday, U.S . Central Command Locations: East, Davos, Switzerland, Yemen, Iran, Red, Gaza, The U.S, Britain, Maltese, U.S

The hundreds of fossil fuel-connected people make up just a tiny share of the 90,000 people who registered to attend the climate summit known as COP28. “Let history reflect the fact that this is the Presidency that made a bold choice to proactively engage with oil and gas companies,” al-Jaber said. COP28 comes as the planet faces a mounting imperative to reduce greenhouse gas emissions. David Hone, Shell's chief climate adviser, is in Dubai for at least his 17th appearance at the annual climate talks. At the moment, it's preventing about 0.1% of the energy sector's carbon emissions from reaching the atmosphere, according to the IEA.

Persons: Bob Deans, Deans, Sultan al, Jaber, “, ” al, COP28, TotalEnergies, Paul Naveau, Patrick Pouyanné, ” Naveau, Naveau, Shell, that's, ”, Arthur Lee, David Hone, Hone, Rachel Rose Jackson Organizations: The United Nations, U.S, Resources Defense, United Arab Emirates, Global, Coalition, Shell, TotalEnergies, BP, AP, Nations, UN, didn't, ”, International Energy Agency, IEA, Chevron, Corporate Locations: United Nations, Dubai, Chevron, Shell's

☆ A couple's garden ornament turned out to be a live 64-pound navy shell
▼ + stars: | 2023-12-03 | by ( Rebecca Rommen | ) www.businessinsider.com time to read: +3 min

A bomb found in the front garden of a house in the UK preceded both World Wars. The couple said the detonation of the shell was "like the passing of an old friend." The 64-pound naval projectile had been used as a garden ornament for decades. AdvertisementA garden ornament turned out to be a live bomb for a UK couple who had it in pride of place in their garden for decades, the BBC reports. However, their perception of the ornament dramatically changed when a police officer who spotted the bomb alerted the Ministry of Defence.

Persons: —, Sian, Jeffrey Edwards, Morris, Edwards, Pop Morris Organizations: Service, BBC, Ministry of Defence, of Defence, Royal Navy Locations: Milford Haven, Wales

☆ Exclusive: Venezuela close to approving offshore gas license with Trinidad, Shell
▼ + stars: | 2023-11-20 | by ( Curtis Williams | ) www.reuters.com time to read: +4 min

The installations of liquified natural gas producer Atlantic LNG are pictured in Point Fortin, Trinidad and Tobago, December 10, 2022. REUTERS/Andrea De Silva/File Photo Acquire Licensing RightsNov 20 (Reuters) - Venezuela is close to approving a license for Shell (SHEL.L) and the National Gas Company of Trinidad and Tobago to develop a promising offshore natural gas field and export its production to the Caribbean country, two people close to the matter said. The license could set in motion a long-running effort by Trinidad to boost its gas processing and petrochemical exports, while providing Venezuela with a much-needed extra source of cash. Venezuela, which holds Latin America's biggest gas reserves, and neighboring Trinidad, the region's largest liquefied natural gas (LNG) exporter, would complement each other's needs to produce and export gas. Trinidad and Tobago has the capacity to process 4.2 billion cubic feet per day (bcfd) into LNG, petrochemicals and power, but its gas production is about 2.7 bcfd.

Persons: Andrea De Silva, PDVSA, Stuart Young, Curtis William, Marianna Parraga, Marguerita Choy Organizations: Atlantic, REUTERS, Shell, National Gas Company, U.S, Trinidad's Energy, NGC, Thomson Locations: Point Fortin, Trinidad and Tobago, Venezuela, Caribbean, Trinidad, U.S, Venezuela's, Caracas, Trinidad ., Guiria, Houston

☆ BP, Edison, Shell ask US, EU to intervene in Venture Global LNG dispute
▼ + stars: | 2023-11-11 | by ( ) www.reuters.com time to read: +3 min

Venture Global LNG has said the Louisiana plant is not fully operational due to faulty power equipment that is being repaired. Their appeals sought to get The Hague and Washington to pressure Venture Global LNG on the contracts. In its letter, Shell accused Venture Global LNG of diverting resources into building a second LNG export plant rather than completing repairs to its first plant. Officials from the EU and U.S. indicated they view the dispute as "a contractual matter between commercial parties," a Venture Global LNG spokesperson said on Saturday. Venture Global LNG is operating the Calcasieu Pass plant at capacity, it has told U.S. regulators.

Persons: Chris Helgren, Carol Howe, Michael Sabel, Robert Pender, Gary McWilliams, Diane Craft Organizations: BP, REUTERS, Rights, Edison, Shell, Venture Global LNG, U.S, EU, Force, Energy Security, Venture Global, Global, Reuters, Venture Global Co, Energy Regulatory, Thomson Locations: Vancouver , British Columbia, Canada, U.S, EU, Arlington , Virginia, Louisiana, Hague, Washington, Calcasieu, Europe

LONDON, Nov 9 (Reuters) - Shell (SHEL.L) is suing Greenpeace for $2.1 million in damages after the environmental group's activists boarded the company's oil production vessel in transit at sea this year, according to Greenpeace and a document seen by Reuters. Greenpeace activists boarded the vessel in January near the Canary Islands off the Atlantic coast of northern Africa to protest oil drilling and travelled on it as far as Norway. Boarding a moving vessel at sea was "unlawful and extremely dangerous," a Shell spokesperson said. Four Greenpeace activists used ropes to hoist themselves onto the vessel from inflatable boats that chased the ship at high speed. Protests at sea against oil, gas or mining infrastructure have long been part of Greenpeace's operations.

Persons: Shell, Fluor, Shadia Nasralla, Rod Nickel Organizations: Greenpeace, Reuters, Court, Shell, Penguins, Thomson Locations: London's, Africa, Norway, North, Dutch

REUTERS/Chris Helgren/File Photo Acquire Licensing RightsCompanies Shell PLC FollowLONDON, Nov 2 (Reuters) - Shell (SHEL.L) on Thursday reported third-quarter earnings of $6.2 billion, in line with expectations, on higher refining margins and strong liquefied natural gas (LNG) trading. The company announced share buybacks of $3.5 billion over the next three months, up from $2.7 billion in the previous three months. Shell reported adjusted earnings of $6.22 billion, broadly in line with a company-provided analysts' forecast of $6.25 billion. "Shell delivered another quarter of strong operational and financial performance, capturing opportunities in volatile commodity markets. Production in the Upstream division was up 3% from the previous quarter to 1.75 million barrels of oil equivalent per day (boed).

Persons: Chris Helgren, Shell, Wael Sawan, Ron Bousso, Jason Neely Organizations: Shell, REUTERS, Companies Shell, Integrated Gas, Thomson Locations: Vancouver , British Columbia, Canada, Australia, Trinidad and Tobago, Qatar

SINGAPORE, Oct 31 (Reuters) - At least three Chinese companies including state giant China National Offshore Oil Company (CNOOC) are evaluating Shell's Singapore assets and considering non-binding bids in coming weeks for the city-state's oldest refinery, according to several sources familiar with the matter. CNOOC, the parent of offshore oil and gas major CNOOC Ltd , operates a joint refining-petrochemical complex with Shell in southern China. However, Sinopec Corp's president said in late August it was not interested in the Shell assets. Two of the sources said Shell had set a preliminary Nov. 5 deadline for proposals, although that could be extended. A Wanhua spokesperson said he was not aware of the company's potential interest in the Shell assets.

Persons: Shell, Goldman Sachs, CNOOC, Sinopec, Rongsheng, Eversun, Salmon Lee, Chen Aizhu, Trixie Yap, Tony Munroe, Florence Tan, Kim Coghill Organizations: Offshore Oil Company, Singapore, Reuters, Eversun Holdings, Wanhua, Shell, Hengli Petrochemical, China National Petroleum Corp, Privately, Thomson Locations: SINGAPORE, China, state's, Singapore, Bukom, Jurong, PetroChina, Huizhou, Guangdong, Fujian province, Putian, Shandong province, Asia, Southeast Asia

SummaryCompanies Shell to cut 200 jobs, or 15%, of low-carbon solutions unitA further 130 jobs under reviewShell scraps hydrogen light mobility unitLONDON, Oct 25 (Reuters) - Shell (SHEL.L) will cut around 15% of the workforce at its low-carbon solutions division and scale back its hydrogen business as part of CEO Wael Sawan's drive to boost profits, it said on Wednesday. Shell plans to sharply scale back its hydrogen light mobility operations, which develop technologies for light passenger vehicles, the company said. It will also merge two of four general manager roles in the hydrogen business, Shell said. The retreat from the light mobility sector follows the departure of the business's manager Oliver Bishop several months ago. Bishop today leads rival BP's (BP.L) global hydrogen mobility business.

Persons: Wael Sawan's, Sawan, Shell, Oliver Bishop, BP's, London . Sawan, Ron Bousso, Jason Neely, Jan Harvey Organizations: Shell, Reuters, Solutions, Sawan, Energy Intelligence, BP, Exxon Mobil, Chevron, Thomson Locations: Shell, Britain, Netherlands, Europe's, Louisiana, London ., U.S

☆ Shell will cut 200 jobs in clean energy division
▼ + stars: | 2023-10-25 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

Shell will cut 200 positions within its low-carbon solutions unit in 2024, a spokesperson confirmed to CNBC on Wednesday. The company's low-carbon division helps spearhead Shell's transition to clean energy including hydrogen, given its pledge to become a "net-zero emissions energy business" by 2050. In the meantime, according to the spokesperson, Shell is planning $10-15 billion of low-carbon energy investment over the next two years, which will include biofuels, hydrogen, carbon capture and electric vehicle charging. Last July, the company announced its investment in the creation of one of Europe's largest hydrogen energy plants. The question of how Big Oil companies like Shell can fit into a clean energy future is existential for its business.

Persons: Wael Sawan, downsize, Shell, Sawan Organizations: Shell, CNBC, Department of Energy, Big Oil, Exxon Mobil, Chevron Locations: Shell's, bullish, Louisiana, Paris, California

Cutouts depicting images of oil operations are seen outside a building of Venezuela's state oil company PDVSA in Caracas, Venezuela January 28, 2019. U.S. sanctions that were in place on Venezuela since 2019 largely blocked state-run oil company PDVSA from exporting to its chosen markets. That changed last week, but Washington's six-month relaxation of the measures is too limited to spur new crude production. PDVSA also is in talks with Mercuria Energy and Sahara Energy on spot sales, the sources said. The Italian company and Spain's Repsol (REP.MC) have been in negotiations with PDVSA for months to expand gas output in Venezuela.

Persons: Carlos Garcia Rawlins, Trafigura, PDVSA, Pedro Tellechea, Tipco, Spain's, Eni, Maurel, prepay, Marianna Parraga, Laura Sanicola Organizations: REUTERS, Rights, Global, PDVSA, Bermuda, Mercuria Energy, Sahara Energy, U.S ., Reliance Industries, Valero Energy, PBF Energy, Eni, Valero, Reliance, U.S . Treasury Department, Traders, Thomson Locations: Caracas, Venezuela, U.S, Venezuela's, Sahara, PDVSA's, Houston, Washington

Speculation that Chevron and Exxon might try to buy rivals BP (BP.L) and Shell (SHEL.L) intensified over the last two years as the European majors underperformed their U.S. rivals. Investors punished the European companies for their pivot towards renewables and low carbon energy while rewarding the U.S. companies' focus on oil and gas production that drove record profits last year. The oil industry last went through an era of major consolidation in the late 1990s when Exxon, Shell, BP and France's TotalEnergies merged with rivals to create huge integrated companies. A senior industry source close to the issue, as well as analysts and investors dismissed any imminent U.S. purchase of European rivals. Some European investors have also campaigned for energy companies to shift their business models to help tackle climate change.

Persons: Hess, Dado Ruvic, Tyler Tebbs, Bernard Looney, Lucas Herrmann, Shell's, Exxon's, Ron Bousso, Simon Webb, Barbara Lewis Organizations: REUTERS, Chevron, Hess, LONDON, Exxon Mobil, Exxon, BP, Shell, Investors, France's, Natural Resources, MKP Advisors, BNP, Reuters, European, Thomson Locations: Ukraine, Chevron, U.S

The deal, valued at $253 a share, would be Exxon's biggest since its $81 billion purchase of Mobil Oil in 1998, years before the shale boom began. It combines the largest U.S. oil company with one of the most successful names to emerge from the shale revolution that turned the country into the world's largest oil producer in little more than a decade. Pioneer is the Permian's largest operator accounting for 9% of gross production, while Exxon occupies the No. "The combination of ExxonMobil and Pioneer creates a diversified energy company with the largest footprint of high-return wells in the Permian Basin," said Pioneer CEO Scott Sheffield. Under Sheffield, Pioneer grew through rapid-fire purchases, including multi-billion dollar deals in 2021 for DoublePoint Energy and Parsley Energy.

Persons: Darren Woods, ” Woods, Scott Sheffield, Shubhendu, Anirban Sen, Sabrina Valle, Gary McWilliams, Rashmi Aich, Jamie Freed, Sriraj Organizations: Exxon Mobil, Natural Resources, Mobil Oil, Exxon, Reuters, Pioneer, RBC Capital Markets, ExxonMobil, DoublePoint Energy, Parsley Energy, BG Group, Denbury, Shubhendu Deshmukh, Thomson Locations: HOUSTON, Ukraine, U.S, Sheffield, Bengaluru, New York, Houston

ExxonMobil and Pioneer Natural Resources logos are seen in this illustration taken, October 8, 2023. Pioneer shares closed at $237.41 on Tuesday, having risen 11% since the first reports of a deal surfaced last Thursday. Exxon declined to comment on "market speculation," while Pioneer did not immediately respond to a request for comment. It is the third-largest oil producer in the Permian basin, after Chevron Corp (CVX.N) and ConocoPhillips (COP.N), with rock-bottom production costs averaging about $10.50 per barrel of oil and gas. Under CEO Scott Sheffield, the oil producer grew through rapid-fire purchases, including multi-billion dollar deals in 2021 for DoublePoint Energy and Parsley Energy.

Persons: Dado Ruvic, Darren Woods, Scott Sheffield, Exxon's, Shubhendu, Anirban Sen, Sabrina Valle, Gary McWilliams, Rashmi Aich, Jamie Freed Organizations: ExxonMobil, Pioneer, REUTERS, Exxon Mobil, Natural Resources, Exxon, Mobil Oil, Antitrust, Reuters, Exxon socked, Chevron Corp, ConocoPhillips, DoublePoint Energy, Parsley Energy, BG Group, Bloomberg News, Denbury Inc, Denbury, Shubhendu Deshmukh, Thomson Locations: HOUSTON, Ukraine, U.S, Bengaluru, New York, Houston

"For a long time, it has been Shell's ambition to be a leader in the energy transition. It is the reason we work here," said the letter which was addressed to Sawan and the Shell executive committee. "We might not always agree on the way forward, but I feel good about the role Shell is, and will continue, to play. A Shell spokesperson said: "We appreciate that our staff are engaged in and have passion for both the energy transition and Shell... Several senior Shell executives have left the low-carbon and renewables division since the strategy change.

Persons: Wael Sawan, Sawan, Thomas Brostrom, Shell, Lisette de Heiden, Wouter Drinkwaard, De Heiden, Drinkwaard, Oliver Bishop, Roberto Jimenez, Colin Crooks, Ron Bousso, Sharon Singleton Organizations: Reuters, Shell, CMD, BP, Thomson Locations: Shell's, Sawan, Ireland, France, India, Europe

Prelude, whose deck is longer than four soccer fields, was the world's first floating LNG facility to use novel technology and cost over $12 billion, according to estimates. That means the 3.6-million-ton-per-year LNG plant could continue to encounter operational issues, the sources said. A Shell executive said on Wednesday that Prelude was currently undergoing a major turnaround that would last around two months. The decision not to go ahead with extended repairs stemmed in part from concerns that Shell (SHEL.L) would miss out on sales of LNG at a time of strong demand, the sources said. Shell said in response that "turnarounds are a regular part of maintaining LNG facilities and are planned well in advance".

Persons: Chris Helgren, Shell, Wael Sawan, Sawan, Cederic Cremers, Ron Bousso, Nick Macfie Organizations: Shell, REUTERS, Companies Shell, LNG, Thomson Locations: Vancouver , British Columbia, Canada, Australia, China, Europe, Ukraine

The U.S. in January granted Venezuela's PDVSA, Shell and NGC a two-year authorization to revive the project, which could boost Trinidad and Tobago's gas processing and exports. Negotiations between the trio initially had progressed little over a U.S. demand that the proposed Dragon gas project exclude cash payments to Venezuela or its state companies. "Discussions on the Dragon project involving the governments of Venezuela and Trinidad and Tobago and Shell are ongoing and commercially confidential," Shell told Reuters. PDVSA, Venezuela's oil ministry and Trinidad's energy ministry did not reply to requests for comment. A second could connect to Shell's Hibiscus field on Trinidad's side, allowing gas to flow to Trinidad, the people said.

Persons: Chris Helgren, Venezuela's PDVSA, Biden, PDVSA, Shell, Stuart Young, Nicolas Maduro, Keith Rowley, Trinidad's, Curtis Williams, Marianna Parraga, Timothy Gardner, Marguerita Choy Organizations: Shell, REUTERS, Rights, Tobago's National Gas Company, NGC, Reuters, Trinidad's Energy, U.S . Treasury, U.S . State Department, Trinidad's, U.S, Washington, Thomson Locations: Vancouver , British Columbia, Canada, Trinidad, U.S, Venezuela, Trinidad and Tobago, Maduro, Guiria, Point Fortin, Houston, Washington

☆ Eni to become latest energy giant to exit Nigerian onshore operations
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +1 min

Sept 4 (Reuters) - Italy's Eni (ENI.MI) signed on Monday an agreement to sell its unit Nigerian Agip Oil Company (NAOC) to Nigerian counterpart Oando (OANDO.LG), the group said in a statement, in the latest move by an energy giant out of the country. Eni's NAOC, which focuses on oil and gas exploration and production, has interests in four onshore blocks and two onshore exploration leases in Nigeria, the group said. Similar approvals have been held back by legal and political issues in Exxon's and Shell's assets sales. After the disposal of NAOC, in line with the firm's 2023-2026 plan, Eni will retain the unit's 5% stake in the Shell Production Development Company (SPDC) joint venture operated by Shell, the group added. Reporting by Alessandro Parodi; additional reporting by MacDonald Dzirutwe and Libby George; editing by Gianluca Semeraro and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Italy's Eni, Eni's, Jefferies, Alessandro Parodi, MacDonald Dzirutwe, Libby George, Gianluca Semeraro, Louise Heavens Organizations: Italy's, Agip Oil Company, Shell, Exxon Mobil Corp, Eni, Shell Production Development, Thomson Locations: Nigeria, Exxon's

☆ Sinopec sets up new entity to expand refinery investment abroad
▼ + stars: | 2023-08-31 | by ( Chen Aizhu | ) www.reuters.com time to read: +4 min

The company logo of China’s Sinopec Corp is displayed at a news conference in Hong Kong, China March 26, 2018. After a quiet launch in late June of Sinopec Overseas Investment Holding as its sole platform for investing, building and operating refineries abroad, Sinopec is building up the team and setting the budget for the new entity, two company officials told Reuters. One such investment could be in Sri Lanka, where Sinopec was shortlisted to bid for an export-oriented refinery in Hambantota potentially worth billions of dollars. Sinopec is also among companies reviewing Shell's Singapore refinery and petrochemical assets, Reuters reported recently, although its president this week denied such interest. Sinopec declined to comment on that matter.

Persons: Bobby Yip, Zhao Dong, Sinopec, Sushant Gupta, Wood Mackenzie, Gupta, Russia's, PetroChina, Exxon Mobil's, Glencore, CNPC, Chen Aizhu, Tony Munroe, Miral Organizations: REUTERS, Rights, Sinopec Overseas Investment Holding, Reuters, China Petrochemical Corp, Saudi Aramco, Wood, Gas Chemical, Russia's Sibur, Exxon, Sinopec, Thomson Locations: Hong Kong, China, Sri Lanka, Hambantota, Singapore, Yanbu, Saudi Arabia, East Siberia, France, Scotland, Japan, XOM.N, Altona, Australia, Brazil, Beijing, South Africa

REUTERS/Chris Helgren/File Photo Acquire Licensing RightsSINGAPORE, Aug 23 (Reuters) - Shell is considering a sale of its Singapore refining and petrochemical plants as part of a broader strategic review and has hired investment bank Goldman Sachs to explore a potential deal, said several sources close to the matter. "Our strategic review is ongoing and we are exploring several options including divestment," a Shell spokesperson told Reuters on Wednesday. Companies that are reviewing Shell's Singapore assets include Asia's largest refiner, China's Sinopec (600028.SS), as well as global trading companies Vitol and Trafigura, the sources said. For trading companies, the site is seen as a potential oil storage and distribution hub, some of the sources said. In March, Shell decided not to proceed with two projects it was studying to produce biofuels and base oils in Singapore.

Persons: Chris Helgren, Goldman Sachs, Wael Sawan, China's Sinopec, Shell, Trixie Yap, Chen Aizhu, Florence Tan, Tony Munroe, David Goodman Organizations: Shell, REUTERS, Rights, Reuters, Thomson Locations: Vancouver , British Columbia, Canada, Singapore, Jurong, Asia

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