Royal Dutch Shell PLC (RDSB.LN) Wednesday said it is continuing negotiations with several potential buyers of the lubricant manufacturing plant at its refinery in Hamburg, Germany, but has decided to close fuel-processing facilities at the plant.
Royal Dutch Shell PLC (RDSB.LN) Wednesday said it is continuing
negotiations with several potential buyers of the lubricant manufacturing plant
at its refinery in
Hamburg
,
Germany
, but
has decided to close fuel-processing facilities at the plant.
Shell has taken this decision after a search of almost two years failed to find
a buyer for the entire
Hamburg
plant.
The refinery will continue to operate normally while the negotiations proceed
until at least the second quarter of 2012, a Shell spokesman said. Shell will
continue to operate and retain ownership of oil storage and distribution
infrastructure at the facility regardless of the outcome of the sale process,
he said.
"We will make every effort to minimize the impact on employees [to] as low
as possible and provide our customers with consistently good service and
high-product quality," said Peter Seifert, the chief executive of Shell
Oil
Germany
.
The
Hamburg
refinery has the capacity to process 5.5 million tons of oil per year. It can
produce propane, butane, gasoline, kerosene, white spirits, jet fuel, diesel,
fuel oil and bitumen in addition to base oils and waxes, Shell said on its
website.
The company is still talking to potential buyers of the base oil manufacturing
and associated refining facilities, the spokesman said, without naming the
buyers.
"Shell remains a leading player in
Germany
...we
continue to invest in our
Rhineland
refinery based in
Cologne
,"
he said.
Shell launched the sale of the
Hamburg
facility, along with other refineries in Heide and Stanlow in the
U.K.
, in
March 2009. It entered exclusive talks with Essar Oil Ltd. (500134.BY) over the
three plants later that year, but failed to reach an agreement.
It sold the 90,000 barrels-a-day Heide refinery to private equity firm Klesch
& Co. in October.
Other oil companies, notably France's Total SA (TOT), have been attempting to
sell European refineries, many of which have been making little or no profit.
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