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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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

Also Read

Sale Of Shell Refineries

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A British company has installed in the middle of the ocean the world’s first floating platform that generates electricity 24 hours a day from the temperature difference between the surface and the depths of the Atlantic, without relying on wind or sun.

Great Atlantic Sargassum Belt has ceased to be a climatic phenomenon and has become a biological system that feeds on itself, with 8,000 kilometers in length, 37 million tons of algae, and scientists confirm that it is now permanent.

China is building an artificial island in the middle of the sea, covering 20 km², to construct the largest offshore airport in the world, the Dalian Jinzhouwan. This $4.3 billion project is anchored on more than 3,000 pillars embedded in the rock beneath the ocean and is scheduled to open in 2035.

A robot named Walter does the work of five bricklayers per hour and can save the construction industry, where the average age of professionals is 46 years and almost no one wants to learn the trade anymore, in the United Kingdom.

Engineers had to pour concrete mixed with tons of ice throughout entire nights in the Dubai desert to erect the Burj Khalifa; any carelessness could clog the pipes half a mile high.

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