Industry committee  And to our employees, and to the communities we serve in, and to the wider communities--

Industry committee  Mr. Chair, we're ready to sell. I would point out that the company in question withdrew from the negotiations. We did not end those negotiations.

Industry committee  If they're willing to come back to the table and discuss with us an offer that is... They know exactly the numbers. During this meeting on June 21 we had very detailed discussions about the values needed. They know exactly the amount of cash they need. We would have discussions.

Industry committee  Mr. Chairman, I don't think it's appropriate for me to negotiate in a public forum. These are private negotiations between two parties. I don't feel I can answer that question directly.

Industry committee  We would accept money from any legal source. The question is not our dispute over money. In the expressions of interest I have in front of me from Delek, these were not verbal offers; these were written expressions of interest. I have the sources and uses of funds. This is a typical thing requested by a seller to understand where a buyer can find its funds.

Industry committee  The purpose of the committee, as it was set up and as we agreed, was that should they find a credible buyer—and Delek US was a credible buyer—they would let the seller, Shell, and the buyer partake in negotiations to see if they could reach an agreement. The initial expression of interest from Delek on the evening of June 1 was completely inadequate; it was very, very low.

Industry committee  Not for the refinery.

Industry committee  I would like to point out that they never formally tabled an offer. These were expressions of interest. The final expression of interest that was discussed at the meeting on June 21, which I attended at their headquarters in Tennessee, included a value for the refinery that was probably around $110 million.

Industry committee  I think it's better answered by Monsieur Houle.

Industry committee  Yes.

Industry committee  No.

Industry committee  I cannot answer yes or no to that question. I can answer the question, Mr. Chair, but I can't answer yes or no. Can I answer the question? If Delek US had put a large enough offer on the table and met the sales and purchase conditions there, we perhaps could have reached an agreement for the refinery only.

Industry committee  They asked us.

Industry committee  Mr. Chair, Delek withdrew from the discussions. I believe they're appearing later in this hearing and you can ask them.

Industry committee  Mr. Chair, the decision had been taken because we could find no one who would make us an offer. We had no alternative. Before we announced in July 2009 that we would seek offers for the refinery, we looked at various alternatives: to completely idle the refinery and not even turn it into a terminal; to sell the refinery; to convert the refinery into a terminal; or to continue as we were.