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re: Shell selling Convent refinery
Posted on 7/7/20 at 11:47 am to wileyjones
Posted on 7/7/20 at 11:47 am to wileyjones
Shell picked up the refinery in purchase of that part of Texaco along with some subsidiaries. It operated most under Equilon like the refinery in Wilmington (L.A.) CA before selling that one and the one to Flying J that was in Bakersfield, later foreclosed on and back to Shell. Convent and Norco were rolled into its JV with Saudi Arabia, Motiva, that it got in the Texaco deal. After the huge cost overruns, in the billions,(Thank you Sarbanes Oxley) in the Motiva Port Arthur expansion, Shell and the Saudi's split the sheets in the USA.
Anyone who knows the business knows that refining isn't that profitable. It is used more as a vehicle for crude oil trading where the money is.
It still has the refineries in Saraland (Mobile) and St Rose that Shell Chemical had originally purchased to send feedstock to the Norco ethylene cracker. St. Rose (originally from bankrupt Enjet) is closed after reconfiguring as an asphalt producer less than 10 years ago. The Yabucoa PR refinery was torn down almost a decade ago, that was also a Shell Chemical owned plant
Anyone who knows the business knows that refining isn't that profitable. It is used more as a vehicle for crude oil trading where the money is.
It still has the refineries in Saraland (Mobile) and St Rose that Shell Chemical had originally purchased to send feedstock to the Norco ethylene cracker. St. Rose (originally from bankrupt Enjet) is closed after reconfiguring as an asphalt producer less than 10 years ago. The Yabucoa PR refinery was torn down almost a decade ago, that was also a Shell Chemical owned plant
Posted on 7/7/20 at 11:58 am to CitizenK
quote:
After the huge cost overruns, in the billions,(Thank you Sarbanes Oxley) in the Motiva Port Arthur expansion, Shell and the Saudi's split the sheets in the USA.
I'm not sure that was the main driver of them splitting.
Posted on 7/7/20 at 12:04 pm to CitizenK
(no message)
This post was edited on 10/22/20 at 8:23 pm
Posted on 7/7/20 at 12:07 pm to CitizenK
quote:
It still has the refineries in Saraland (Mobile)
On the market as well.
Posted on 7/7/20 at 12:51 pm to CitizenK
quote:
Saraland (Mobile)
For sale as well as Puget Sound in Washington
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