Shell has sold the Washington refinery
Royal Dutch Shell’s subsidiary, Equilon Enterprises LLC d/b/a Shell Oil Products U.S., has reached an agreement for the sale of its Puget Sound Refinery near Anacortes, Washington. The refinery is being sold to a subsidiary of HollyFrontier Corporation, an independent refiner headquartered in Texas, for $350 million in cash, plus the value of the hydrocarbon inventory. This inventory will be valued at closing based on actual volumes and prevailing market prices, although its current value is said to range from $150 million to $180 million. The deal covers the sale of Shell’s Puget Sound Refinery, the on-site cogeneration facility, and the associated logistics infrastructure, as well as the product offtake agreements in support of Shell’s existing retail marketing business in the Pacific Northwest. Shell’s off-site logistics assets are excluded from the deal.