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Shell to sell Martinez refinery
Shell is to sell its Martinez refinery in California to PBF Holding Company, a subsidiary of PBF Energy, for a $1bn consideration 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’ its 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.
Martinez is a high-conversion refinery capable of capturing heavy/sour differentials. It produces a high percentage of on-spec clean product, including premium gasoline, diesel and jet fuel. It has a refining capacity of 157,000 b/d.
Martinez refinery
Photo: Shell
