Motiva Joint Venture Completes Purchase & Sale Agreement With Premcor for Delaware City Refinery Shell Continues Efforts to Re-Align Portfolio HOUSTON, March 30 /PRNewswire/ -- Shell Oil Products US announced today that Motiva Enterprises LLC has completed a Purchase and Sale Agreement for the sale of Motiva's Delaware City Refinery to The Premcor Refining Group Inc. The transaction is expected to close in the second quarter of 2004 after all regulatory and other approvals are obtained. The sale will take place for consideration of approximately $800 million, plus contingent payments totaling up to $125 million, and an additional amount representing the value of refined product and crude inventory at closing. Shell expects profit from other currently announced U.S. portfolio actions and divestments in 2004 to approximately offset the expected loss related to this sale, although quarterly phasing may differ. (Logo: http://www.newscom.com/cgi-bin/prnh/19990716/SHELL ) "The completion of a Purchase and Sale Agreement with Premcor for the Motiva Delaware City Refinery is another step in the journey towards improving our performance in support of reaching our financial and operational targets," said Lynn Elsenhans, CEO Shell Oil Products US. The Delaware City Refinery, which began production in 1957 as part of the Tidewater Oil Company's refining system, is located 15 miles south of Wilmington and has the capacity to refine in excess of 180,000 barrels of crude oil per day (100% Motiva basis). The refinery employs approximately 650 people. An additional 600 employees of contractors work at the facility. Headquartered in Houston, TX, Motiva Enterprises LLC, is a refining and marketing joint venture owned by affiliates of Shell and Saudi Aramco. Motiva's marketing operations support a network of nearly 11,000 Shell- and Texaco-branded gasoline stations in the Eastern and Southern United States. In addition to the Delaware City Refinery, Motiva assets include three other refineries located in Norco, LA; Convent, LA and Port Arthur, TX, capable of refining approximately 705,000 barrels per day (bpd), and ownership or partial interests in 47 product terminals. Shell Oil Products US, a subsidiary of Shell Oil Company, is a leader in the refining, transportation and marketing of fuels, lubricants, coolants, services and solutions to consumer and business-to-business customers in automotive, commercial and industrial sectors. Shell Oil Company is an affiliate of the Royal Dutch/ShellGroup of Companies (NYSE:RD/SC). For more information, please visit http://www.shell.com/ . http://www.newscom.com/cgi-bin/prnh/19990716/SHELL DATASOURCE: Shell Oil Products US CONTACT: Karyn Leonardi-Cattolica of Shell Oil Products US, +1-713-241-1578 Web site: http://www.shell.com/

Copyright