Downstream sales news
ConocoPhillips
ConocoPhillips is planning on selling assets over the next two years as it looks to cut debt and boost returns to shareholders. The company have announced that they expect to receive more than US$ 10 billion. So far Conoco have sold a 9% share in the Syncrude oilsands venture for US$ 4.65 billion.
Sinopec
Sinopec has announced plans and received shareholder approval to sell bonds in order to raise funds for refinery upgrades. The company wish to raise US$ 6.3 billion to upgrade refineries and petrochemical plants owned by the company to help meet the rising demand for refined products in China.
Marathon Oil
Marathon has officially announced that it will sell US$ 800 million worth of oil and commercial assets. The company has signed a non-binding agreement with ACON Investments LLC, NTR Partners LLC and TPG Capital LP. The company will sell its St. Paul Park refinery, SuperAmerica convenience stores, SuperMom’s Bakery, SuperAmerica Franchising LLC and 300 mile Minnesota pipeline.
Read the article online at: https://www.worldpipelines.com/business-news/21052010/downstream_sales_news/
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