Shell Will Close Its Refinery in Louisiana After Failing to Find a Buyer

Written by Valdemar Medeiros

Published on 13/11/2020 at 11:31

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Shell Will Close Its Refinery In Louisiana After Failing To Find A Buyer And Investments Will Be Lost

Shell will close its Convent refinery in Louisiana after failing to find a buyer for the facility, Bloomberg reports citing a statement from the company. The change, which is expected to be completed by the end of the month, aligns with Shell’s plans to reduce the number of refineries it operates from 14 to 6 over the next four years. These plans are part of its strategy to shift from its core business to alternative energies.

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The larger plan currently would be to “invest in a core set of manufacturing sites that are exclusively integrated and strategically positioned for the transition to a low-carbon future,” said Shell in the statement.

“One major advantage of these core sites will also come from greater integration with Shell’s trading centers and producing more chemicals and other products that will be resilient in a low-carbon future at our new refineries,” the company added in a statement to the press.

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Sale Of Shell Refineries

Last year, Shell sold its Martinez refinery to PBF Holding Company for US $ 1 billion, but last year oil was trading much higher than now, and demand for oil and derivatives was not devastated by a coronavirus pandemic that has infected over 47 million people so far.

The Convent refinery has a capacity of 211,100 barrels of oil per day and it appears that no other downstream company is interested in additional refining capacity. On the contrary, as Bloomberg highlights, refineries are closing facilities in response to falling demand. Phillips 66 and Marathon Petroleum have plans for refinery closures, as well as plans to convert other refining facilities into biodiesel production sites.

Shell, in turn, wants to keep the refineries that also have petrochemical units, including one in Louisiana, one in Texas, one in Germany, one in the Netherlands, one in Singapore, and one in Canada.

Shell Will Close Its Refinery in Louisiana After Failing to Find a Buyer

Shell Will Close Its Refinery In Louisiana After Failing To Find A Buyer And Investments Will Be Lost

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Sale Of Shell Refineries

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