Killajoules

Valero Completes Sale of Paulsboro Refinery
Valero Energy Corporation (NYSE: VLO) announced today that it has completed the sale of its Paulsboro, N.J. refinery to PBF Holding Company LLC, a wholly owned subsidiary of PBF Energy Company LLC.

Marathon Signs Agreement for Sale of Its Interests in PL 025, PL 048E and PL 187 on the Norwegian Continental Shelf
Marathon Oil Corporation (NYSE: MRO), through its wholly owned subsidiary Marathon Petroleum Norge AS, today announced the signing of a sales agreement with Statoil Petroleum AS for all of Marathon's interests in production licenses PL 025, PL 048E and PL 187 on the Norwegian Continental Shelf. The transaction has a value of $85 million USD and an effective date of Jan. 1, 2011. The companies expect completion of the transaction in the first quarter of 2011, subject to Norwegian governmental approval.

Korea Gas to Buy Stake in Santos-led LNG Project
Santos notes speculation that Korea Gas Corporation (Kogas) has agreed to buy 3.5 million tonnes per annum of LNG from the GLNG project and take a 15% stake in the project.

BP Agrees to Sell Upstream Interests in Pakistan to United Energy Group Limited
BP announced today that it has entered into an agreement to sell almost all of its exploration and production assets in Pakistan to United Energy Group Limited (UEG).

Repsol sells stake in REFAP refinery valued at $350 million
Repsol has agreed to sell to Petrobras its 30% stake in the Alberto Pasqualini Refinery (REFAP) in the Brazilian state of Rio Grande do Sul. Following the transaction, Petrobras becomes the only shareholder of the refinery, which has a nominal capacity of 190,000 bbld.

Shell to sell gas fields in South Texas to OXY USA, Inc
Shell today announced an agreement to sell a group of gas fields in South Texas to OXY USA, Inc., a subsidiary of Occidental Petroleum Corp., for approximately $1.8 billion, effective January 1, 2011. The sale is a further step in Shell’s ongoing portfolio restructuring and focus on capital efficiency.

Wood Group announces acquisition of PSN
John Wood Group PLC (“Wood Group”), the international energy services company, has entered into an agreement to acquire PSN Limited (“PSN”) for a total enterprise value of US$955 million (the “Acquisition”). PSN will merge with Wood Group’s Production Facilities business to create the leading global brownfield production services provider, Wood Group PSN.

Eni enters European unconventional gas in Poland
Eni has reached an agreement for the acquisition of Minsk Energy Resources and to become operator of 3 licences in the Polish Baltic Basin, a highly prospective shale gas play.

El Paso Corporation and KKR Announce Midstream Joint Venture
El Paso Midstream Group, Inc., a subsidiary of El Paso Corporation (NYSE: EP), and Kohlberg Kravis Roberts & Co. (together with its affiliates, "KKR") today announced that El Paso and KKR have executed agreements to create a new midstream joint venture. El Paso Midstream will operate the new venture, and they will each own a 50 percent interest. The joint venture is consistent with El Paso's commitment to develop midstream opportunities in a balance sheet-friendly manner. The transaction is expected to close by December 31, 2010.

Sunoco to Sell Toledo Refinery to PBF and Updates on SunCoke Separation
Sunoco, Inc. (NYSE: SUN) today announced that it has reached a definitive agreement to sell its 170,000 barrel-per-day refinery in Toledo, Ohio to Toledo Refining Company LLC, a wholly owned subsidiary of PBF Holding Company LLC. Sunoco will sell the refinery for approximately $400 million (consisting of $200 million in cash and a $200 million two-year note). In addition, the purchase agreement includes a participation payment of up to $125 million based on the future profitability of the refinery. The buyer will also purchase the crude oil and refined product inventory attributable to the refinery which will be valued at market prices at closing.