Industry committee  The committee was party to the discussions up until the committee ended.

Industry committee  That's correct.

Industry committee  I would ask, Mr. Chair, for a few minutes to explain. The $150 million to $200 million was for the refinery itself. In order to run a refinery, you also need working capital, so any person would have to also acquire the working capital needed. That's in the order of $400 million to $500 million.

Industry committee  The term sheet was for the purchase of the refinery itself. Any party that has ever bought a refinery or looked at a refinery understands that there is a lot more cash needed in the near term for any refinery, especially working capital, and the term sheet did not hide that. Those are normal conditions of sale.

Industry committee  We are still willing to sell, but my colleague Monsieur Houle can explain to you that we're getting to a very critical point. We cannot run the refinery much longer before a turnaround. We need--

Industry committee  If we have an offer, an expression of interest that is good enough to meet all of the needs of the refinery, the answer would be yes, but we are running very, very short of time.

Industry committee  Good morning, committee members. At Shell we are deeply conscious that our decision impacts our employees, their families, and others. In regard to our employees, we will treat them fairly, and we appreciate the professionalism they have shown throughout this difficult time. I hope our attendance here today will provide you with a better understanding that Shell has made substantial efforts to sell the Montreal East refinery in a difficult economic environment and that its conversion to a terminal is necessary to supply our customers.