Shell concludes divestment of Puget sound refinery to HollyFrontier

Royal Dutch Shell, through its subsidiary, has divested its Puget Sound Refinery in Washington, US to a subsidiary of petroleum refiner HollyFrontier.

The deal, which was signed in May 2021, has an aggregate cash consideration of $613.6m.

This includes a $350m base cash purchase price, hydrocarbon inventory with around $266.2m estimated closing value, and $2.6m accrued liabilities.

HollyFrontier also acquired an on-site cogeneration facility and related logistics assets of the refinery from Equilon Enterprises LLC d/b/a Shell Oil Products US (Shell).

The refiner also purchased a light product loading rack, a deep-water marine dock, a rail terminal, and storage tanks with approximately 5.8 million barrels of product, crude, and other hydrocarbon storage capacity.