Shell sell Martinez refinery PBF $1 billion

Shell to sell Martinez refinery to PBF for $1 billion

11:08 AM, 12th June 2019
Shell Martinez refinery

THE HAGUE, NETHERLANDS: Equilon Enterprises LLC d/b/a Shell Oil Products US (Shell), a subsidiary of Royal Dutch Shell plc has reached an agreement for the sale of Shell’s Martinez Refinery for $1.0 billion consideration plus the value of hydrocarbon inventory, crude oil supply and product offtake agreements, and other adjustments. 

The California refinery will be sold to PBF Holding Company LLC, a subsidiary of PBF Energy Inc.

The transaction is expected to close in 2019.

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.

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

© Worldofchemicals News

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