Sale of Shell in Geelong - what will that mean for us?
from w
I don't understand whether this means to close down or for someone else to keep it going. Experts may be able to tell us. Straight after the Alcoa statement yesterday comes this one! No wonder the Google Ad for an astrology disaster is straight after the story!
I don't understand whether this means to close down or for someone else to keep it going. Experts may be able to tell us. Straight after the Alcoa statement yesterday comes this one! No wonder the Google Ad for an astrology disaster is straight after the story!
Geelong Shell refinery and Australian Shell assets sold
Geelong’s Shell refinery has been sold with the company’s other Australian assets for $2.4 billion. Source: News Limited
ROYAL Dutch Shell has sold its downstream assets in Australia, including petrol stations and its Geelong refinery to Vitol for an estimated $2.4 billion, Fairfax Media reports.
A Shell spokesman declined to comment on the report.
According to the reports, the successful consortium came out on top over a group comprising Macquarie Capital and powerful miner-trader Glencore Xstrata.
Vitol is the world’s largest oil trader.
Shell’s Geelong refinery has been on the market since April last year, with the sale subsequently broadened to include its Australian petrol stations.
Earlier media reports said the Anglo-Dutch energy giant was committed to selling what are described as “downstream” assets to focus on its main business of energy exploration, development and production.
Shell chief executive Peter Voster said in November the company was “entering into a divestment phase” amid rising costs for energy projects and investor concern about capital expenditure.
The reports say Shell may be pursuing a divestment program that is targeting $US15 billion of global divestments within two years.
posted by Peceli and Wendy's Blog at 6:44 PM
