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Terminal News

Shell to sell Martinez refinery to PBF

Shell to sell Martinez refinery to PBF
Equilon Enterprises, a subsidiary of Shell, will sell its Martinez refinery in California to PBF Holding for $1 billion.

The sale for $1 billion includes the value of hydrocarbon inventory, crude oil supply and product offtake agreements, and other adjustments.

The 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.

The transaction is expected to close in 2019.

John Abbott, Shell's downstream director, says: 'This deal is another step in our transformation to high-grade and optimise our portfolio to drive resilient returns.'



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