Shell out of NZ after 100 years.

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Part of the global trend. Shell have been offloading oil refineries in Europe for several years now. Here in the UK, the huge Stanlow refining complex I used to visit got sold to the Indians in 2011 while Shellhaven & Shell Teeeside refineries died a death several years back.
 
More asset sales.

RDS set a global strategic focus on natural gas several years ago. Highest focus on remaining refineries are those with integrated petrochemical operations and those associated with heavy oil upgraders. Even the Shell refinery in Martinez, CA is up for sale with the West Coast having the highest refining margins in the US.

https://www.eastbaytimes.com/2017/03/24/report-sale-of-shell-martinez-refinery-progressing/

I wonder how much of the proceeds of these asset sales are related to the final costs of the Pearl GTL facility?
 
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Shell sold their downstream business including their refinery in Geelong (the largest in the country) a few years back.

ExxonMobil continue to operate the smallest refinery in the country and they say its sustainable.
 
Right now it is the good time to sell don't you think? The asset price is high, at the peak of a bubble, energy price is high, and the oil consumption is going down because of all the fuel economy advances, EV prices dropping, policy is friendly toward oil companies, USD is strong, etc.

Save the ammo for the crash, then buy all the cheap assets.
 
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