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Shell Finalizes Sale of Martinez Refinery

Gasoil News - Published on Thu, 13 Feb 2020

Image Source: Shell Martinez Refinery
Equilon Enterprises LLC d/b/a Shell Oil Products US, a subsidiary of Royal Dutch Shell plc announced that it has formally closed on the sale of Shell’s Martinez Refinery in California to PBF Holding Company LLC, a subsidiary of PBF Energy Inc, in exchange for USD 1.2 billion which includes the refinery and inventory. The deal also includes crude oil supply and product offtake agreements, and other adjustments.

The transaction covered the sale of Shell’s Martinez Refinery and adjacent truck rack and terminal in California. Shell’s associated branded fuel businesses, Aviation terminal, and Catalysts business in the area were not part of this transaction.

All regulatory requirements were met prior to the closing of this divestment.

As part of the sale, Shell and PBF entered into crude supply and product offtake agreements to continue to supply Shell branded businesses ensuring that Shell customers will continue to have access to quality Shell branded fuels.

PBF Energy and Shell have agreed to jointly move forward with reviewing the feasibility of building a proposed renewable diesel project which would repurpose existing idled equipment at the Martinez refinery to create a renewable fuels production facility. The detailed feasibility review and planning for this project is expected to continue after deal closing.

Source :

Posted By : Yogender Pancholi on Thu, 13 Feb 2020
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