Home Actualité internationale World News – United States – Shell Convent, LA, refinery to close amid pandemic
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World News – United States – Shell Convent, LA, refinery to close amid pandemic

The shutdown, which will take place this month, comes after Shell failed to find a buyer Shell said it failed to find a buyer for the 211,000 barrel-per-day refinery after it announced its intention to sell it in July Refining margins have declined considerably since the start of the pandemic

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(Reuters) – Royal Dutch Shell said Thursday it will close its refinery in Convent, Louisiana, the largest US facility to close since the coronavirus pandemic first struck and devastated global economic demand

Refinery is ninth in North America to announce shutdown or idle since pandemic, which hit global demand hard The United States is the world’s largest consumer of fuel

Shell said it had failed to find a buyer for the 211,000 bpd refinery after announcing plans to sell it in July

« After reviewing all aspects of our business, including financial performance, we have made the difficult decision to shut down the site, » Shell spokesman Curtis Smith said in a statement sent by e -mail

Refining margins have declined significantly since the start of the pandemic The gasoline refining margin is currently $ 8 79 per barrel, below the threshold where most refiners can profit

Once the shutdown is complete, Shell will continue to try to sell the refinery, the company has confirmed. It plans to sell all but six refineries and chemical plants and plans to close facilities it cannot sell, a the company told investors in its quarterly earnings call this week

« We recognize that the market is not very good at the moment in terms of asset divestment if this is not possible we will consider closing and stopping This is ultimately the last option we would like to shoot, ”CFO Jessica Uhl said on the call

The company announced in 2019 that it will structure its operations to adapt to the future downstream product market by focusing on its chemicals activities

In February, Shell sold its 156,400 bpd of Martinez, Calif., its refining and logistics assets to PBF Energy for $ 960 million (£ 731 million) plus the price of oil and products refined available

Shell has announced that it will open a selective voluntary severance package to potentially create other roles for workers

End of last month PBF Energy said it would shut down most of the refineries at its refinery in Paulsboro, New Jersey

Elsewhere, Canada’s Come-by-Chance plant in Newfoundland and Labrador has been idle since May HollyFrontier shut down its refinery in Cheyenne, Wyoming, Marathon Petroleum began shutting down refineries in Martinez, California and Gallup, New Mexico, while Calcasieu Refining idles its Lake Charles refinery in southwest Louisiana

Phillips 66 has announced plans to close its Arroyo Grande, Calif., plant in 2023 and reconfigure its San Francisco refinery to produce renewable fuels

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Hello and thank you for participating in the announcement of PAE’s third quarter 2020 results Joining me today to discuss our business and financial results are John Heller, President and CEO of PAE; and Charles Peiffer, our CFO

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(Bloomberg) – Stocks rallied globally as investors rushed into tech and healthcare companies on bets US election results won’t mean hikes major fiscal or regulatory changes that would derail sectors Dollar weakened to lowest level in more than two years The S&P 500 jumped more than 1% for a fourth consecutive day and is heading for the best week since April The High tech Nasdaq 100 jumped more than 2%, pushing its lead this week to around 9% Federal Reserve officials have kept interest rates near zero and made no changes to purchases of Assets as US Presidential and Legislative Election Results Remain Uncertain « We are seeing a resumption of technological leadership, » said Tracie McMillion, chief strategy officer global asset ion for Wells Fargo Investment Institute « It looks like the markets really like the combination they think is most likely in terms of leadership going forward and that would be a Biden Presidency with a Republican Senate »The vote count continues in a handful of key states, with Democrat Joe Biden potentially needing only one to overthrow President Donald Trump This result would be accompanied by a divided legislature that is less likely to pass a multibillion-dollar stimulus package. “In the short term, the focus will remain on the prospects for a new budget package outside of Congress, which could be possible before the end of the year once the election results are settled, ”said Jason Pride, private wealth investment manager at Glenmede“ But for the time being, the size, scope and timing of this upcoming package still unclear « Dollar fell the most against the euro since March Oil declined for the first time in four sessions Rising tech stocks and strong corporate results bolstered the Stoxx Europe 600 index Uber Technologies Inc and Peloton Interactive Inc to Release Results After US Commerce Closes Elsewhere, UK government bonds canceled an early advance as investors focused on the The slower pace of debt purchases implied by the Bank of England’s new asset purchase targets Bitcoin climbed from over $ 1,000 to over $ 15,000, more than double its value in 2020 some key upcoming events: The key US nonfarm payroll report is due Friday Revenues are due this week from companies such as Macquarie Group Ltd and Toyota Motor Corp on Friday Here are some of the major moves in the markets: For more articles like this, please visit us at bloombergSubscribe now to stay ahead with the most trusted source of business news © 2020 Bloomberg LP

Royal Dutch Shell, Convent, Refinery, Louisiana, Oil Refinery

News from around the world – United States – Shell Convent, LA Refinery to close amid pandemic

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