Shell has struck a deal with refiner PBF Energy to sell it its refinery in Martinez, California, for up to US$1 billion, depending on the closing date, the buyer said in a press release, adding that the acquisition will boost its total throughput capacity to more than 1 million bpd. The Martinez refinery has a capacity of 157,000 bpd. Shell has been trying to sell it for several years, Reuters notes in a report on the news. The supermajor will now fund the turnaround costs for the facility for the first quarter of 2020, estimated at US$70 million, as well as another US$40 million in downtime compensation if the deal does not get finalized by the end of the first quarter of 2020. Shell first tried to sell the Martinez refinery in 2015, at the height of the latest oil price crisis, so it was no wonder it failed […]