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Royal Dutch Shell s (NYSE: RDS.A) subsidiary, Equilon Enterprises LLC d/b/a Shell Oil Products U.S., has reached an agreement for the sale of its Puget Sound Refinery near Anacortes, Washington.
Royal Dutch Shell’s (NYSE: RDS.A) subsidiary, Equilon Enterprises LLC d/b/a Shell Oil Products U.S., has reached an agreement for the sale of its Puget Sound Refinery near Anacortes, Washington.
The refinery is being sold to a subsidiary of HollyFrontier Corporation, an independent refiner headquartered in Texas, for $350 million in cash, plus the value of the hydrocarbon inventory. This inventory will be valued at closing based on actual volumes and prevailing market prices, although its current value is said to range from $150 million to $180 million.
U.S. oil major Chevron (NYSE: CVX) last month signed a liquefied natural gas (LNG)
supply and purchase agreement with Hokkaido Gas for a half million tons of LNG from its global portfolio spread over a period of five years, starting from April 2022.
Chevron said its new partnership will broaden its customer base in Japan, a market that is foundational to its overall LNG business.
The new deal typifies how LNG markets in the Asia-Pacific region, home to around two-thirds of global LNG demand, are still undergoing systematic changes amid a prolonged supply overhang of the fuel.
Buyers in the region have gained considerable contractual leverage over producers in the last few years. Instead of inking long-term 15- and even 20-year restrictive supply deals, more buyers are signing shorter-term deals, while also buying more cargoes on the spot market. This trend will continue as increasing numbers of long-term LNG contracts begin to expire, especially in Japan, by mid-decade.