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Houston Chronicle: Regulators Clear Sale of Shell Assets

March 28, 2007
© 2007 The Associated Press

WASHINGTON — Federal antitrust regulators have cleared the sale of a Los Angeles-area oil refinery and 250 retail sites in Southern California by a division of Royal Dutch Shell PLC to independent oil company Tesoro Corp.

According to a notice issued by the Federal Trade Commission, the government has completed its investigation of the sale and ended a waiting period on the transaction.

Tesoro and Shell Oil Products USA announced the sale, valued at $1.63 billion, Jan. 29. In addition to the refinery and stores, Tesoro will acquire an oil storage terminal.

Shell said in January that the sale is part of a strategy to “streamline and concentrate” its assets. The company said then it expects the transaction to close in the second half of this year.

Shares of Royal Dutch Shell rose 24 cents in morning trading to $67.04, while shares of Tesoro fell 69 cents to $97.51, both on the New York Stock Exchange.

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