COMMENT RECEIVED FROM A REGULAR CONTRIBUTOR ABOUT SHELL SELLING A MAJOR PART OF ITS DANISH DOWNSTREAM ASSETS
John
On your site a few months back there was an article about contamination of the area of the Shell refinery in Fredericia which does not appear to have been included in the sale of the rest of the downstream portfolio.
“Decade-old oil spills from tanks at the Shell Oil facility in Fredericia are still polluting the environment.”
Is there an issue of liability for clean-up costs? The Fredericia refinery is small, but processes much of the crude produced offshore Denmark (where Shell is the biggest shareholder in the DUC).
Older, smaller refineries in northern Europe do not have a good track record in recent years with many being shut down. It seems odd that Shell did not (or could not) sell Fredericia with the rest of their downstream Danish assets. The low population density and low traffic density caused the other major marketers to pull out years ago, citing continuing losses. This was addressed by allowing filling stations to sell a wide range of goods on Sundays, when other shops were obliged to close. However, most supermarkets in Denmark are now open 7 days a week, so this source of income has dried up.
UPDATE
I have now received information that Shell is seeking a buyer for the refinery. It is understandable, given the circumstances, why that is likely to be a much more difficult task.
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