Shell’s 100% stake in the Sinco and Colex assets was split between its subsidiaries Shell Pipeline Co. and Triton West. (Source: Shutterstock)
Shell (SHEL) is selling its Sinco pipeline system and Colex terminal to Edgewater Midstream, according to an Aug. 29 press release.
The assets were part of Shell’s remaining portfolio connected to the Deer Park Refinery on the Houston Ship Channel.
Shell sold its majority stake in the Deer Park Refinery to Pemex in 2022 for an estimated $596 million. Shell maintained ownership of Sinco and Colex, even though they were historically integrated to Deer Park operations.
"This sale follows our guidance at Shell's Capital Markets Day to continue to simplify our portfolio as we seek to deliver more value, with less emissions," said Andrew Smith, Shell’s executive vice president for trading & supply. "After the completion of the sale of Shell's equity in Deer Park Refinery, these assets are non-integrated and no longer fit within Shell's Powering Progress strategy. This transaction enables re-deployment of capital to other projects that will do so."
The sale is expected to be completed by the end of 2024. Shell’s 100% stake in the Sinco and Colex assets was split between its subsidiaries Shell Pipeline Co. and Triton West.
Edgewater is a company that focuses on the acquisition and development of pipelines and terminals close to major petroleum trading hubs.
Shell’s 100% stake in the Sinco and Colex assets was split between its subsidiaries Shell Pipeline Co. and Triton West.
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