Shell to sell Martinez refinery for $1 billion

Contra Costa Times |

--MARTINEZ -- The Shell oil refinery that has been here since 1915 is changing hands, after its parent company agreed to a $1 billion sale to PBF Holding Company, the companies announced Tuesday.

Equilon Enterprises, which does business as Shell Oil Products, said in a press release the sale, "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." PBF is a New Jersey company that operates several oil refineries around the United States.

"This deal is another step in our transformation to high-grade and optimize our portfolio to drive resilient returns," said Shell's downstream director, John Abbott, said in a written statement included in the company's news release.

The deal has not been completed, but is expected to be later this year.

The oil refinery has been in Shell's hands since 1915, and has the capacity to produce 160,000 barrels of oil a day. In March, it was announced the refinery would pay around $165,000 to settle 16 violations that occurred at the facility from 2015 to 2016, including the release of toxic gas.

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