Shell said on Monday there was no impact to operations after an oil leak over the weekend from a land-based pipeline at Shell Energy and Chemicals Park Singapore on Bukom island, adding that the leak had been stopped.
"We estimate that approximately 30-40 metric tonnes of slop, which is a mixture of oil and water, was leaked into the sea," the company said in a statement, adding that it was working with all relevant authorities to manage the clean-up effort.
"There is no impact to Bukom operations or supply. The leak has been stopped and we are taking steps to clean up the oil which has spilled," a Shell spokesperson said in an email.
Shell Singapore in August shut down one crude distillation unit (CDU) and other facilities at its refinery in Bukom for a scheduled overhaul. The maintenance was expected to end in the first half of October.
The company sold its refinery and petrochemical plants in Singapore to a joint venture company between Indonesia petrochemicals producer Chandra Asri and major trading house Glencore GLEN.L in early May. The transaction is expected to be completed by the end of 2024.
Earlier this year, beaches on Singapore's Sentosa island were closed after an oil spill spread from a nearby shipping terminal to the tourist haven south of the city-state.
Global equity markets, including from the U.S., Europe and Asia, rose while oil prices fell on Wednesday, as traders cheered news of ceasefire proposals to de-escalate the ongoing conflict in the Middle East.
Australia's centre-left government has introduced legislation in the parliament to double penalties for fuel price gouging on Wednesday as global supply disruptions due to the Iran war triggered fuel shortages in some rural regions.
Gulf markets ended mixed on Tuesday, with Qatar extending losses while other bourses steadied as investors parsed conflicting signals on potential US-Iran talks.
Australia and the European Union on Tuesday signed a trade deal marking the culmination of years of negotiations, as Europe seeks to diversify its export markets and expand ties beyond its traditional partners.
Weaponising the Strait of Hormuz is an act of economic terrorism with global impact far beyond energy markets, asserted Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, while addressing CERAWeek in Houston, Texas.