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Royal Dutch Shell Plc strategic review of global refining operations

globeinvestor.com

SHAWN MCCARTHY

00:00 EDT Saturday, July 25, 2009

OTTAWA — GLOBAL ENERGY REPORTER,

Earlier this month, Royal Dutch Shell PLC announced it is conducting a strategic review of some of its global refining operations, including its 130,000-barrel-a-day refinery in Montreal. Options for the 75-year-old plant include continuing its operation, selling it or closing it and transforming the property into a terminal to receive imported petroleum products.

A year ago Shell abandoned plans to build a refinery near Sarnia, Ont., to handle production from Alberta’s oil sands.

Shell and its partner, Saudi Refining, have also delayed by nearly two years the expansion of their jointly-owned plant in Texas. Other U.S. companies, including Valero Energy Corp., Marathon Oil Co. and ConocoPhillips Co., have also recently announced plans to delay or suspend expansion or upgrading of refineries.

The investment pullback has prompted complaints in U.S. Congress that the oil industry is deliberately restraining capacity to maintain high prices.

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