Shell Issues Bakersfield Refinery Sales Process Update #2
December 06 2004 - 2:02PM
PR Newswire (US)
Shell Issues Bakersfield Refinery Sales Process Update #2 HOUSTON,
Dec. 6 /PRNewswire/ -- Shell Oil Products US today announced that
it has reached an agreement with the U.S. Environmental Protection
Agency and the Department of Justice on modifications to a consent
decree that would allow the Shell Bakersfield Refinery to operate
through March 31, 2005. In the modification, Shell agrees to
achieve certain overall emission reductions more than three years
ahead of the original timetable. Specifically, Shell agrees to an
additional reduction of 62 tons of nitrogen oxide emissions per
year by March 31, 2005. Originally, that amount was part of the
reductions expected to be achieved by December 31, 2008. Also,
Shell would be allowed to go slightly under its original nitrogen
oxide emission reduction target for this year by seven tons, due to
not closing the Bakersfield refinery on October 1 as originally
planned. The agreement now will go through a public comment period
and must have court approval to be finalized. "We're pleased to be
in a position to extend operations at the Bakersfield facility,
while we also deliver overall emissions reductions earlier than
scheduled," said Lynn Laverty Elsenhans, President of Shell Oil
Products US. "Extending operations at the Bakersfield plant would
help with transition issues, should a new owner emerge from the
sales process, which is still ongoing." Shell continues discussions
with a short list of bidders on the potential sale of the refinery.
If no agreement on a sale is reached, Shell plans to close its
Bakersfield refinery by March 31, 2005 per previous announcements.
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, +1-713-241-1582, or media,
+1-713-241-1578, both of Shell Oil Products US Web site:
http://www.shell.com/
Copyright
Royal Dutch Petroleum (NYSE:RD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Royal Dutch Petroleum (NYSE:RD)
Historical Stock Chart
From Jul 2023 to Jul 2024