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Article: Shell Finds Bakersfield Buyer in Flying J.(Royal Dutch/Shell )
- Article from:
- The Oil Daily
- Article date:
- January 11, 2005
CopyrightCOPYRIGHT 2005 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Royal Dutch/Shell said Monday it agreed to sell its 70,000 barrel per day refinery in Bakersfield, Calif. to Flying J Inc., the largest retail distributor of diesel fuel in North America. The sale is expected to close in the first quarter of 2005.
Shell spokesman Stan Mays said the company would not disclose the purchase price or identify other bidders for the refinery. A source told Dow Jones Newswire the deal was worth $130 million.
The Bakersfield refinery was set to close in October, but California officials pressured Shell to first make an effort to sell the refinery and keep it operational, so reduced production would not drive up the state's ...