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According to Bloomberg News on May 5, Royal Dutch Shell reached an agreement with Holly Frontline Company (HFC) in its recent divestiture of assets in the crude oil processing sector to sell its subsidiary to the latter for US$350 million.
The refiner HFC stated in a statement that it will also pay between US$150 million and US$180 million for hydrocarbon inventories at its plants in Washington and Saraland, Alabama.
In order to adjust its assets to better meet future low-carbon demand, Shell is continuously reducing its refining investment portfolio.
In September last year, Shell said it would reduce the number of downstream plants from 14 to 6.
HFC said it expects to suspend regular quarterly dividends within one year, plus cash on hand to finance the acquisition.
HFC Chief Executive Mike Jennings said in a statement: "The Puget Sound Refinery will complement our existing refining business.
Zhan Legan, translated from Bloomberg
The original text is as follows:
Shell Sells US Refinery for $350 Million in Latest Divestment
Royal Dutch Shell PLC reached an agreement to sell its Puget Sound Refinery to HollyFrontier Corp.
The US refiner will also pay an estimated $150 million to $180 million for the hydrocarbon inventories at the facility based in Washington and Saraland, Alabama, according to a HollyFrontier statement.
Shell is shrinking its refining portfolio as it adjusts its holdings to better align with a lower-carbon future.
In September, the European major said it would retain only six downstream facilities including Norco in Louisiana and Deer Park in Texas, paring back from 14.
HollyFrontier said it expects to fund the takeover with a one-year suspension of its regular quarterly dividend and cash on hand.
"Puget Sound Refinery will complement our existing refining business, with sales into premium product markets and advantaged access to Canadian crude," HollyFrontier Chief Executive Officer Mike Jennings said in the statement.
