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Shell agrees to sale of Martinez Refinery

June 14/2019

MOSCOW (MRC) -- Equilon Enterprises LLC d/b/a Shell Oil Products US (Shell), a subsidiary of Royal Dutch Shell plc announced it has reached an agreement for the sale of Shells Martinez Refinery in California to PBF Holding Company LLC, a subsidiary of PBF Energy, Inc., for USD1.0 billion consideration plus the value of hydrocarbon inventory, crude oil supply and product offtake agreements, and other adjustments, as per Hydrocarbonprocessing.

This divestment aligns with Shells strategy to reshape refining efforts towards a smaller, smarter refining portfolio focused on further integration with Shell Trading hubs, Chemicals, and Marketing.

"This deal is another step in our transformation to high-grade and optimise our portfolio to drive resilient returns," said Shells Downstream Director, John Abbott.

The transaction is subject to closing conditions and regulatory approvals and is expected to close in 2019.

As MRC reported before, in March 2018, Shell EP Middle East Holdings B.V. completed the sale of the entire share capital of Shell Iraq B.V (SIBV), which held its 19.6% stake in the West Qurna 1 oil field, for USD406 million, to a subsidiary of ITOCHU Corporation.

Royal Dutch Shell plc is an Anglo-Dutch multinational oil and gas company headquartered in The Hague, Netherlands and with its registered office in London, United Kingdom. It is the biggest company in the world in terms of revenue and one of the six oil and gas "supermajors". Shell is vertically integrated and is active in every area of the oil and gas industry, including exploration and production, refining, distribution and marketing, petrochemicals, power generation and trading.


mrcplast.com
Author:Margaret Volkova
Tags:Near East, crude and gaz condensate, Itochu, Shell, USA.
Category:General News
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