Royal Dutch Shell to sell its Anacortes refinery as part of its ongoing divestment

As per the latest announcement, British-Dutch oil and gas company, Royal Dutch Shell, has put its oil refinery located in Anacortes, Washington, on sale. The sources also informed that once the asset, along with a few other that Shell has recently decided to sell, is sold, the North American operations for the oil and gas company will be confined to the large plants located at the U.S Gulf Coast.

Shell also announced that it has sold assets worth $5 billion in 2019 and expressed its plans of extending the assets sale amounting to somewhat of a similar value in 2020 as well. Headquartered in the Netherlands, Shell is aiming at establishing a power business in light of the rising global demand for cleaner energy.

Anacortes Refinery Can Process 144,000 Barrels Of Crude Oil Per Day

Refinitiv Eikon data highlights that Shell’s refinery is located near Seattle and has a capacity of processing as many as 144,000 barrels of crude oil on a daily basis. Since the start of 2019, this asset sale will mark Shell’s third divestment for the year. In June 2019, Shell had declared its deal with PBF Energy Inc for its Martinez refinery at $1 billion.

At the start of 2019, the oil and gas giant had also approached advisors to finalize its decision regarding selling the Sarnia, Ontario refinery that was capable of processing 75,000 barrels per day.

If all of the three deals are finalized, Shell will be left with only three refineries in North America; the one in Deer Park, Texas with a capacity of processing 340,000 barrels per day, and another two located in Louisiana coast which have a capacity of processing 500,000 barrels of crude oil on a daily basis, combined.

Shell Sold Its 50% Stake In SASREF, Saudi Arabia

The divestments for Shell are not confined to the North American region only. The company has sold assets in multiple other regions. It had also let go of its 50% stake that it kept in the SASREF refinery in 2019. SASREF is located in Saudi Arabia.

Shell’s performance in the stock market remained almost flat on average in the stock market in 2019. The stock opened the year at 26.51 EUR. Following a yearly high of 29.12 EUR in June, the $210.31 billion company closed the last year at 26.20 EUR. The stock is currently exchanging hands at 26.64 EUR. Share prices had dropped to as low as 24.83 EUR in August 2019.