Shell Issues Bakersfield Refinery Sales Process Update #3; Negotiations With Leading Bidder Results in No Sale Agreement
December 15 2004 - 10:37AM
PR Newswire (US)
Shell Issues Bakersfield Refinery Sales Process Update #3;
Negotiations With Leading Bidder Results in No Sale Agreement
HOUSTON, Dec. 15 /PRNewswire/ -- Shell Oil Products US today issued
an update on the sales process for its Bakersfield Refinery that
thus far has not resulted in a sale agreement for the refinery. "As
stated in our last update, Shell has been having discussions with a
short list of bidders interested in the Bakersfield Refinery," said
Lynn Laverty Elsenhans, President and Chief Executive Officer of
Shell Oil Products US. "More recently we have been working
intensively with the leading bidder, but we could not reach an
agreement that offered terms and conditions acceptable to both
parties. While we do not rule out the possibility that another
bidder could offer an acceptable package, we are focusing on our
commitment to continue operating the refinery through March 2005.
If no agreement is finalized, we will proceed with plans to close
the refinery by the end of this period." Shell Oil Products US, a
subsidiary of Shell Oil Company, is a leader in the refining,
transportation and marketing of fuels, and has a network of nearly
7,000 branded gasoline stations in the Western United States. Shell
Oil Company is an affiliate of the Royal Dutch/Shell Group of
Companies (NYSE:RDNYSE:SC). For more information, please visit
http://www.shell.com/ . DATASOURCE: Shell Oil Products US CONTACT:
Stan Mays of Shell Oil Products US, +1-713-241-1582 Web site:
http://www.shell.com/
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