Shell in due diligence on Germany refinery disposals

12 June 2009 17:32  [Source: ICIS news]

TORONTO (ICIS news)--Shell has begun the due diligence process for two refineries in northern Germany it is planning to sell, a spokeswoman from the energy major said on Friday.

Cornelia Wolber, spokeswoman for Shell Deutschland in Hamburg, told ICIS news that the company had opened its “data room” to interested investors.

The due diligence process was expected to take several weeks, if not months, she said.

There were investors and firms interested in the refineries, Wolber said, but she declined to say how many and would not disclose any names.

In March, Shell said it planned to sell its refineries in Hamburg and in Heide, Schleswig-Holstein, which together employ over 1,000 workers.

Shell’s refinery in Heide has a processing capacity of 4.5m tonnes/year, producing fuels and petrochemicals products. Shell also produces ethylene, propylene, benzene, toluene, xylenes at Heide, according to its website.

The refinery in Hamburg-Harburg has a processing refinery of 5.5m tonnes/year. It produces fuels, base oils and waxes.

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By: Stefan Baumgarten
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