Global oil majors Chevron, Shell look to shed small refineries

New York

GLOBAL oil majors Chevron Corp and Royal Dutch Shell plc are putting small refineries on the auction block as they look to trim lower-margin assets in the face of headwinds from rising crude oil prices.

Chevron, the second-largest US oil company, is soliciting interest in its Burnaby, British Columbia, refinery and petrol stations, the company told Reuters. Shell is looking for buyers for its Martinez, California, refinery, two people familiar with the situation told Reuters. Shell declined to comment.