Shell has reached an agreement to sell its 149,000 bbl/d Puget Sound refinery near Anacortes, Washington (United States) to a subsidiary of HollyFrontier, an independent refiner headquartered in Texas, for U$350m in cash plus the value of the hydrocarbon inventory. The value of the hydrocarbon inventory would range from US$150m to US$180m and will be valued at closing based on actual volumes and prevailing market prices. The transaction will also include an on-site CHP plant, associated logistic infrastructures and the product offtake agreements and should close by end-2021.
Shell, which has a refining capacity of 917 kb/d in the United States and 3.2 mb/d in the world (end-2019), aims at reducing its refining and chemicals portfolio from 14 to six sites including its Deer Park, Norco, Pernis, Pulau Bukom, Rheinland and Scotford sites.