Royal Dutch Shell Plc is selling its only California crude oil pipeline system as it has been shedding assets to pay for its take over of BG Group Plc.
The San Pablo Bay pipeline system carries oil from the Bakersfield area to Shell’s Martinez refinery near San Francisco. The move comes as the state has taken aggressive action in diversifying its energy supply.
“Companies can make good margins with Californian assets, but since the state is opposed to hydrocarbons, it makes it difficult for any kind of expansion,” Sandy Fielden, director of research for the commodities and energy group at ...
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