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re: Baton Rouge-based firm bids $1.25 bln for Shell's idled Convent refinery
Posted on 5/25/21 at 11:04 am to goofball
Posted on 5/25/21 at 11:04 am to goofball
quote:
This has nothing to do with Shell's concern for safety.
They need to piss or get off the pot. Maybe Ascension or St James can pass a catastrophically high property tax on all abandoned refineries, encouraging them to sell.
I seen your original post. Hard for a company to worry about competitive advantage in a business Shell is pretty much ditching all together. They want out of the refining business. They may even repurpose refining units they have into chemical units.
1
Posted on 5/25/21 at 11:05 am to GEAUX DJ!
quote:
They may even repurpose refining units they have into chemical units.
Now that's worth pursuing. Can Convent get in on that?
Posted on 5/25/21 at 11:14 am to GEAUX DJ!
quote:
Shell doesn't believe they have the money to buy it and they aren't going to sell it to a company they don't think can safely run it.
Obviously we're speculating here as to motives, but I'm guessing for a company like Shell to sell such an asset, their Legal and Insurance departments probably do have to give consideration to the fiscal stability and competence of the buyer.
You can try to indemnify yourself and pass on all assets and liabilities in the sale document till the cows come home, but you know if a company buys a facility like this, something happens during operations and completely folds, there will be attorneys looking at Shell and its pockets as a legacy operator.
I wonder if the offer came from a company already operating a facility or two down in that area, if Shell would have been more in agreement to sell.
This post was edited on 5/25/21 at 11:16 am
Posted on 5/25/21 at 11:56 am to goofball
quote:
Now that's worth pursuing. Can Convent get in on that?
If it doesn't sell they have spoke about possibly doing something like that but its not actively being pursued.
Posted on 5/25/21 at 11:57 am to ragincajun03
quote:
I wonder if the offer came from a company already operating a facility or two down in that area, if Shell would have been more in agreement to sell.
Exactly, they don't want just some "chuck in a truck" business to take it over and operate bad in the community
Posted on 5/25/21 at 12:08 pm to Oilfieldbiology
quote:
The refineries they want are the fully integrated refinery/chemical plants like Norco and Deer Park.
So much for that...
Posted on 5/25/21 at 12:40 pm to TeddyPadillac
quote:
They have $1.25 Billion dollars to bid for this but they don't have a company website?
If I had $1.25 billion ready to invest I wouldn't have a website either. Why should I?
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