Refine by MP, party, committee, province, or result type.
Industry committee But it will be shut.
July 20th, 2010Committee meeting
Jim Boles
Industry committee That's correct. Either way, now or later.
July 20th, 2010Committee meeting
Jim Boles
Industry committee Yes, either way, now or later.
July 20th, 2010Committee meeting
Jim Boles
Industry committee Well, our preference would be to get it now, right? Our preference would be to maybe not pay for it now, but to get it.
July 20th, 2010Committee meeting
Jim Boles
Industry committee Shell will continue to provide product to its existing customers. They have made some arrangements. I don't know what those are, but we've discussed that they were in the process of doing that. So they've made arrangements for alternate sources of supply.
July 20th, 2010Committee meeting
Jim Boles
Industry committee The refinery will not be operational past September. It will not be.
July 20th, 2010Committee meeting
Jim Boles
Industry committee No, it's because the turnaround was not done, and Shell's safety standards and probably Delek's own engineering professionals would agree--
July 20th, 2010Committee meeting
Jim Boles
Industry committee To infinity. It hasn't been done.
July 20th, 2010Committee meeting
Jim Boles
Industry committee Those are really questions for Shell, but Shell had a couple of deadlines, I guess, based on pressure it got from parties present and extended that. But at some point in time, if you haven't ordered all of the equipment and made all the engineering preparations for a turnaround, it gets to the point where safety standards would require that you have to shut.
July 20th, 2010Committee meeting
Jim Boles
Industry committee By way of clarification, I'd just like to say that what you talked about earlier, continuing the discussions...the discussions are over, as our press release would state. We're prepared to recommence new discussions, if you will. I'm not saying anything contrary to our press release.
July 20th, 2010Committee meeting
Jim Boles
Industry committee We believe the reinvestment of substantial amounts of the cashflow from operations into making those moneys available and making those repairs is what would be required. So the money we'd make would get reinvested in that asset to get over the hurdle of this $800 million that needed to be spent.
July 20th, 2010Committee meeting
Jim Boles
Industry committee Correct.
July 20th, 2010Committee meeting
Jim Boles
Industry committee Is that question addressed to me?
July 20th, 2010Committee meeting
Jim Boles
Industry committee There was never a discussion of a specific dollar amount on the retail stations. There was discussion of a formula upon which a purchase price for those retail locations would be based. We offered, in writing, $150 million. We understood from Shell that they believed there was still a significant gap in value.
July 20th, 2010Committee meeting
Jim Boles
Industry committee The short answer is yes and yes. That's dependent upon some financial assistance from municipalities, the financing that we organize. But of the $600 million, let's call it, that Shell would receive in the sale of the refinery business, based on our discussions with members of the committee here and our own resources, I think we thought that was very doable.
July 20th, 2010Committee meeting
Jim Boles