Shell agrees to sale of Martinez Refinery

Shell Oil Products U.S., a subsidiary of Royal Dutch Shell plc, recently reached an agreement for the sale of Shell’s Martinez Refinery in California to PBF Holding Company LLC, a subsidiary of PBF Energy Inc., for $1 billion consideration plus the value of hydrocarbon inventory, crude oil supply and product offtake agreements, and other adjustments.

“This deal is another step in our transformation to high-grade and optimize our portfolio to drive resilient returns,” said Shell Downstream Director John Abbott.

The transaction is subject to closing conditions and regulatory approvals and is expected to close in 2019.

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