Vertex Energy (VTNR), a leading specialty refiner and marketer of high-quality refined products, today announced that it has entered into a definitive agreement to acquire the Mobile refinery (“Mobile”) located in Mobile, Alabama from Equilon Enterprises LLC d/b/a Shell Oil Products US, Shell Oil Company and Shell Chemical LP (“Shell”), subsidiaries of Royal Dutch Shell plc, for $75 million. The transaction is expected to close during the fourth quarter 2021, subject to regulatory clearance and various closing conditions.
- Vertex to acquire 100% of Mobile Chemical LP Refinery
- Transforms Vertex into a Leading Independent Refiner of Renewable and Conventional Products
- Multi-phase Renewable Diesel Project to Drive Superior “Clean Refining” Economics
- Anticipate $3 billion in Annual Revenue and more than $400 million in Gross Profit by Year-End 2023
- Transaction Conference Call Will Be Held on Thursday, May 27, 2021 at 8:30 AM ET
The divestment is part of Shell’s strategy to reduce its global refinery footprint to core sites integrated with the company’s trading hubs, chemicals plants and marketing businesses. These high-value Energy and Chemicals parks will produce more low-carbon fuels and specialty chemicals for our customers.
“The sale of the Mobile refinery shows that we are making good progress delivering on our manufacturing strategy,” said Robin Mooldijk, Shell’s EVP for Manufacturing. “We’re becoming better positioned to deliver resilient returns and meet the increasingly diverse needs of our customers.”
The agreement covers the sale of the Mobile refinery and associated co-located logistics infrastructure, including product racks, an associated dock, and the Blakeley Island Terminal. The consideration for this transaction is $75 million in cash plus the value of the hydrocarbon inventory. This transaction is expected to close in Q4 2021, subject to regulatory approvals.
Shell is grateful to the Mobile community for the collaboration and support over the past two decades.