Equilon Enterprises a fully-owned subsidiary of Shell Oil Products US (Shell) has announced it has reached an agreement for the sale of Shell’s Martinez Refinery in California to PBF Holding Company LLC, a subsidiary of PBF Energy, Inc.
The refinery will be sold for $1 billion plus the value of hydrocarbon inventory, crude oil supply and product offtake agreements, and other adjustments.
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 Shell’s Downstream Director, John Abbott.
The transaction is expected to close in 2019.
For more information visit www.shell.com
