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.

Check back for updates

___

(c)2019 the Contra Costa Times (Walnut Creek, Calif.)

Visit the Contra Costa Times (Walnut Creek, Calif.) at www.eastbaytimes.com

Distributed by Tribune Content Agency, LLC.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Comments

Watchlist

Symbol Last Price Change % Change
AAPL

     
AMZN

     
HD

     
JPM

     
IBM

     

Blockchain in Fintech - Discussion at the EU Parliament

From the recent Blockchain For Europe Summit in Brussels: Panel on Financial Market Infrastructure