Oil and gas major Royal Dutch Shell has announced that its subsidiary, Equilon Enterprises LLC d/b/a Shell Oil Products US, has formally completed the sale of its Martinez refinery in California, US to PBF Energy subsidiary PBF Holding Company.
The sale of the refinery, which included the refinery itself and its inventory, was completed at a cost of $1.2 billion (€1.08 billion). The deal also includes crude oil supply and product offtake agreements, as well as other adjustments.
In a statement relating the news, Shell noted that it was “very proud of the relationship we have built and maintained with the city and people of Martinez over the many years we’ve operated side-by-side with the Martinez community making several notable achievements on safety, reliability, performance, and community involvement”.
The company added: “As we turn over ownership of the Martinez Refinery to PBF, we offer our many thanks to the City and community of Martinez for all they have done to support and partner with Shell and our employees over the last 100 years.”
The sale of the refinery was announced in June 2019 as part of Shell’s strategy to reshape refining efforts towards a smaller and smarter refining portfolio.
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