Does anybody know more about this?
30 replies (most recent on top)
@1e1 I was at convent during the shutdown. There were buyers but Shell wouldn’t sell the land only the refinery and tank farm. Shell wanted the land to build something in the future. We also did not preserve anything properly. Most equipment is rusted out
@1be we were looking for a JV partner earlier in the year to restart convent. JV in order to offset the bloated costs associated with restarting the aforementioned improperly idled units. Still is plausible but already lost two quarters worth of opportunity this year. The usual delays as part of being Shell will drag this well into next year and maybe we get the plant running by 2028. Full rates likely not until end of 2028/beginning 2029. By then diesel margin may no longer justify the plan. but perhaps the JV could show otherwise. Either way, because it’s Shell, it’s highly unlikely convent is anything more than a superfund site by 2029. After q3, Wael is going to see the $5 B share buyback and think, nothing we can do is more valuable than my buybacks. RIP convent.
My understanding is that Convent just being abruptly turned off was the result of green goals in senior leaders GPAs that needed to be met to make bonus.
The European obsession with carbon in an oil company is hilarious.
@1be nothing can run at Convent. The plant was not properly idled or preserved. You would basically need to replace everything! Convent can basically only be a terminal now. Sad to see what happened to a great refinery.
@19v Monaca and Deer Park to Lyondell and Exxon going JV for Geismar, Convent, and Norco. Rumor has it Exxon was touring Convent and Norco within the last few weeks.
There was chatter about inquiries on what could run at convent and what it would take to start up. Probably all BS though
@kb ""i heard they’re going to turn monaca off due to no buyer"" They should have learned from previous divestments that practically giving away an asset is better than choosing to idle it.
3rd Quarter earnings VERY high, especially in Chemicals so a good time to pay out departures.
@rx how many rupee’s?
The fire truck at stch will be going up for sale
@pc computational team is driving fire trucks at STCH.
Any update on computational team?
@kb this makes no sense. They are making money now. They’ll keep it running for sure until they find a buyer.
i heard they’re going to turn monaca off due to no buyer
@h7 yeah a lot of cuts there. Heard they shut down a plant as part of the reorg.
@gd PT cuts already announced in early September. Someone told us they were mostly in catalyst.
I heard the cut in PT last week
We have not heard any cuts in operations or lubricants or fuels
YL’s executive compensation package require us to do more.”
There are always "more cuts next month."
record profit and record expense reductions but mr brainwashed thinks we desperately need to do more now
lol
@OP agree with the person below about review of the functions. Legacy P&T as well as “corporate functions.” Can already see some changes in corporate (I.e. Shell aircraft now reports up through wells. That should be interesting but with majority activity associated with helicopter flights to the gulf I can wrap my head around it. I just hope the cuts happen sooner than the original 2030 plan because we need these costs off the books asap.
@cc "IT will be cut in half."
So they will no longer be legion?
IT will be cut in half
Not in operations or lubricants
@b4 Our group just added a position over in Bangalore.
business unit
Not sure of timeline but they've been reviewing the functions like all year, planned changes...sometime
Hopefully in Bangalore.
Seems staff cuts are ongoing and just rotating BU to BU.
Trying to keep up with them is like trying to sweep the floors with the windows open in a dust storm.
Chaos, it appears, is the preferred MO of some management teams and administrations. Just live with it or have a
go-bag packed.
Which BU?