Shell taps Goldman Sachs to explore Singapore refinery and petchem plant sale
https://www.hydrocarbonprocessing.com/news/2023/08/shell-taps-goldman-sachs-to-explore-singapore-refinery-and-petchem-plant-sale/#comments
7 replies (most recent on top)
Quite a joke. I guess confidence was lost especially after the multi million heist / collusion by Shell Singapore employees to steal oil from the refinery. Coupled with years of being in the red.
Failure of Shell Singapore falls squarely on the local managers, especially Bukom. Not the people in HQ.
They had decades to correct the errors in running the place.
They had ample time to reduce costs.
They were given so much resources.
They had full control of how the island is run.
Yet every year was worse than the one before.
People in Bukom has for years warned them to take action but the managers with a superiority complex just wouldn't listen.
The only difference is that the managers were paid more and more, hence giving themselves the false sense of performing a good job. They should be sacked.
Beware all other sites, if you want to take in managers from Bukom. They are technically and operationally incompetent and will ruin your perfectly good team.
If only they Shell Singapore remained profitable, Shell would not want to sell them off! Just look at it's neighbour SRC. They're making very good profit, operating under the exact same market conditions.
Shell Singapore becomes the unwanted child.
Rejected!
https://www.reuters.com/business/energy/sinopec-says-not-interested-acquiring-shells-singapore-refinery-petchem-plant-2023-08-28/
You can also thank Shell’s upper management’s gross inconsistency of messaging - through reshape they were all about the infallible Energy Park Strategy, and even before Reshaoe concluded, out went the Deer Park Refinery. This therefore was not a surprise, blaming it on Bukom management is one, but what about the senior most leaders at Shell who simply can’t make up their mind and have created utter chaos with frankly no movement in Stock Value for over 10 years now?
You can thank the tone deaf overpaid managers for the decades of incompetency and mismanagement leading to the current situation.
No doubt after this, they will still deny their part for their contribution to the failures.
They also can not say that no one ever told them that this will eventually happen.
They are serious this time.