News Briefs - Jan. 12
The Latest Headlines:
- Shell Sells Calif. Refinery to Flying J
- Trade Gap Widens to Record $60.3 Billion in November
- Arkansas Gov. Seeks $1 Billion to Improve Highways
- Exel Buys Power Packaging
- Trade Gap Widens to Record $60.3 Billion in November
Shell Sells Calif. Refinery to Flying J
Shell Oil Co. said it agreed to sell its refinery located in Bakersfield, Calif., to a subsidiary of Flying J Inc.The Bakersfield Refinery has the capacity to refine up to 70,000 barrels of crude oil per day, Shell said in a statement. The deal is expected to close in the first quarter of 2005. Terms of the sale were not disclosed.
“With this sale, the refinery will continue to make gasoline and diesel for the California Central Valley and provide employment opportunities in the region,” said Lynn Laverty Elsenhans, president of Shell Oil California.
Trade Gap Widens to Record $60.3 Billion in November
The trade deficit grew 7.7% to a record $60.3 billion in November as demand for oil and consumer goods drove imports to a record, the Commerce Department reported.The previous record of $56 billion was set in October. The $561.3 billion deficit through November also exceeds the record for all of 2003.
mports rose 1.3% to $155.8 billion, Commerce said. Exports fell 2.3%, the first decline since June, to $95.6 billion. Exports were a record $97.8 billion in October. Transport Topics
Arkansas Gov. Seeks $1 Billion to Improve Highways
In his State of the State address, Arkansas Gov. Huckabee on Tuesday called for a $1 billion highway construction program, the Associated Press reported.The funding for the program would likely come from a combination of increases in motor fuel taxes and driver-related fees totaling up to $100 million a year to retire road bonds.
In 1999, voters approved a program that is spending $1 billion to improve the state's interstate highways. On Tuesday, Huckabee said the state needs to take the next step, using another $1 billion to improve roads that lead to those interstates. Transport Topics
Exel Buys Power Packaging
Exel, a United Kingdom-based supply chain management firm, said Jan. 5 that it acquired Power Packaging Inc. for an undisclosed price.Power Packaging is a manufacturer servicing food and beverage companies in the United States and Canada.
“The ability to store inventory and package it under one roof reduces transportation spending, administrative costs and packaging lead times, resulting in a cost-effective solution that can respond quickly to market changes,” said John Gilbert, Exel president of consumer and healthcare, Americas. Transport Topics
