Shell Oil sells Alabama Refinery to Vertex for $75 Million
MOBILE, Ala. (AP) – Shell Oil Company says it’s selling its refinery at Mobile, Alabama, to Texas-based Vertex Energy for $75 million in cash. The complex is located at the northern end of Mobile Bay and is designed to produce 90,000 barrels of crude oil and other products daily. Shell says the deal is part of its plan to shed refineries that aren’t aligned with trading hubs, chemical plants, and marketing businesses. The refinery will offer jobs to its current workforce as it changes hands. Vertex will purchase its hydrocarbon inventory at the time the sale is complete, which could add as much as $85 million to the deal.
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