Following Tuesday’s parliamentary committee hearing in Ottawa in which Shell was grilled for its decision to close down its Montreal East refinery, the company now says it is ready to renew talks with Delek US for the sale of the refinery. It is understood that Delek has been asked to advise Shell within 48 hours whether it wants to come back to the negotiating table. Delek was the sole bidder for the refinery which produces 130,000 barrels per day and employes approximately 500 people. Stay tuned for more information as this story develops.

TGPT

Some of you may have had the opportunity to view Tuesday’s televised parliamentary hearings into the refinery closure. It is disappointing to know that both the Competition Bureau and Natural Resources Canada appear unable and unwilling to understand the significant impact the refinery closure will have on the competitive process and cost to you – the driving consumer.  Make no mistake, despite relative disinterest by the media and the appalling lack of understanding by regulators, the tendency towards the monopolization of Canada’s downstream refinery and retail picture will ultimately leave you paying more at the pumps in the days and months ahead.

TGPT

As discussed in previous entries, the closure of Shell’s Montreal refinery and it’s impact on our collective bottom line will be front and center. Please see the January 8^th blog posting for more information related to the committee meeting – taking place today in Ottawa (8:30 am – 3:30 pm).

Stayed tuned for more on this topic in the days to follow.

TGPT