Shell New Talks Delek on Montreal Ref Sale

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Shell New Talks Delek on Montreal Ref Sale - 7/23/2010 6:19:14 PM

Charlie Randall

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Shell Open to New Talks With Delek on Montreal Refinery Sale, Seeks Reply
By Gene Laverty - Jul 23, 2010 Royal Dutch Shell Plc said it has asked Delek U.S. Holdings Inc. to restart negotiations on the sale of a Montreal refinery that Europe's biggest oil company had planned to convert to a fuel depot.
Shell has given Delek, the U.S. affiliate of Tel Aviv-based Delek Group Ltd., 48 hours to respond to its offer of renewed negotiations. The offer was made yesterday afternoon, Shell said in an e-mailed statement.
A Quebec judge ordered Shell to stop conversion of the refinery to a fuel terminal July 7, after the company said last month it failed to find a buyer. It had been trying to sell the asset for a year.
The company is now willing to sell the refinery at Delek's purchase price if the deal can be closed quickly enough to keep the refinery running, Shell Vice President Richard Oblath told a Canadian government committee.
Delek spokesman Noel Ryan declined comment on the proposal. A company official told the Canadian government July 20 the company is still interested in the refinery.
The plant can process about 130,000 barrels a day. Delek U.S., based in Brentwood, Tennessee, runs a refinery in Texas with a capacity of 60,000 barrels a day and about 400 gas stations, according to its website.
To contact the reporter on this story: Gene Laverty in Calgary at glaverty@bloomberg.net.

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