Home Actualité internationale World News – US – Shell closes Louisiana convent, refinery as pandemic wreaks havoc
Actualité internationale

World News – US – Shell closes Louisiana convent, refinery as pandemic wreaks havoc

The shutdown will come this month after Shell failed to find a buyer Shell said it 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 made the difficult decision to shut down the site,” Shell spokesman Curtis Smith said in an emailed statement.

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(Reuters) – Royal Dutch Shell said on Thursday it was closing its refinery in Convent, Louisiana, the largest of those US facility and first on the US Gulf Coast to close since the pandemic of coronavirus has devastated global demand

Refinery is ninth in North America targeted for shutdown or idling since the pandemic, which struck a blow to fuel global demand The United States is the world’s largest consumer of fuel

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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 said It plans to sell all but six refineries and chemical plants globally and plans to shut down facilities it cannot sell, 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, ”said Jessica Uhl, CFO

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

The closure of the convent adds to the nearly 2 million b / d of refining capacity worldwide which has been permanently closed globally due to the coronavirus pandemic

Another 14 million bpd is temporarily out of service or being converted to terminals and other facilities, US refiner Phillips 66 said in its third quarter earnings call earlier this week

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 to shut down refineries in Martinez, Calif. and Gallup, New Mexico, while Calcasieu Refining has idled 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

It is unusual for an oil company to sell a refinery that it has already idled, in part because the asset value is deemed lower if it is not in operation

North Atlantic Refinery Limited is actively trying to sell its Come-by-Chance refinery, after a deal with Irving Oil failed last month for undisclosed reasons

“Refineries are not light switches, they are extremely expensive to shut down and restart,” said Zachary Rogers, senior oil analyst at Rapidan Energy Group

« The fact that it is shutting down (for as long as it is) underlines the refining weakness of the economy as COVID persists, » he added

(Reporting by Laura Sanicola; Additional reporting by Devika Krishna Kumar; Editing by Dan Grebler and Tom Brown)

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Royal Dutch Shell, refinery, convent, oil refinery, Louisiana

World news – United States – Shell closes convent in Louisiana, refinery amid pandemic ravages

SOURCE: https://www.w24news.com


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