Saturday, December 20, 1997 - Page updated at 12:00 AM

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Business Digest

Shell-Texaco Deal OK'd - Shell Sells Anacortes Refinery

Seattle Times Staff: Seattle Times News Services

SEATTLE - The state attorneys general for Washington, California, Oregon and Hawaii and the Federal Trade Commission approved plans by Shell Oil and Texaco to join their refining and marketing operations, provided Shell sells its refinery in Anacortes to answer antitrust concerns.

Shell already has received more than 20 inquiries from potential purchasers of the refinery. Last month, company executives told the 300 workers at the March Point refinery that the plant would be put up for sale but remain open.

Consumer watchdog groups and independent gasoline retailers were concerned that the $17 billion merger between Shell and Texaco would pump up the price of gasoline. A combined Texaco and Shell operation would produce 43 percent of the gasoline manufactured in the Pacific Northwest.

After the sale, the new owner of the Shell refinery would have an 18 percent share of the refining market.

Copyright (c) 1997 Seattle Times Company, All Rights Reserved.


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