Pennzoil has decided to sell the refinery as part of an overall plan to divest non-strategic assets. The company plans to focus on automotive consumer products.
James M. Postl, Pennzoil's president and CEO, says "the sale of the Shreveport refinery represents the last significant milestone in our divestiture program." Over the past year, Pennzoil-Quaker State has sold off Penreco company partnership interests, Viscosity Oil, Specialty Environment Services, a Carson packaging plant, interest in the Bareco partnership and the Rouseville, PA refinery and now the Shreveport property.
Pennzoil-Quaker State, a consumer automotives company sells over 1,300 different products with 20 brands. In addition to owning the Pennzoil and Quaker State brands, the company owns Jiffy Lube, a lube operator and franchiser.
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