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Shell Agrees To Sale Martinez Refinery To PBF Holding For USD 1.0 Billion

Gasoil News - Published on Mon, 17 Jun 2019

Image Source: Shell
Shell Oil Products US, a subsidiary of Royal Dutch Shell plc announced it has reached an agreement for the sale of Shell’s Martinez Refinery in California to PBF Holding Company LLC, a subsidiary of PBF Energy Inc, for USD 1.0 billion consideration plus the value of hydrocarbon inventory, crude oil supply and product offtake agreements, and other adjustments. This divestment aligns with Shell’s strategy to reshape refining efforts towards a smaller, smarter refining portfolio focused on further integration with Shell Trading hubs, Chemicals, and Marketing.

Mr John Abbott, Shell’s Downstream Director, said that “This deal is another step in our transformation to high-grade and optimise our portfolio to drive resilient returns.”

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Posted By : Sanju Moirangthem on Mon, 17 Jun 2019
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