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Global oil majors look to shed refineries as crude prices rebound

Cash strapped oil companies like Chevron and Royal Dutch Shell are selling small refineries to trim lower-margin assets

Reuters  |  New York 

Global oil majors Chevron Corp and Royal Dutch Shell Plc are putting small refineries on the auction block as they look to trim lower-margin assets in the face of headwinds from rising crude oil prices. Chevron, the second largest US oil company, is soliciting interest in its Burnaby, British Columbia, refinery and gasoline stations, the company told Reuters. Shell is looking for buyers for its Martinez, California, refinery, two people familiar with the situation told Reuters. Shell declined to comment. These two companies, along with peers Exxon Mobil Corp and BP Plc , have ...

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First Published: Fri, June 17 2016. 10:40 IST