Valero announces sale of Paulsboro, NJ, refinery

By OGJ editors
HOUSTON, Sept. 27
-- Valero Energy Corp. has signed an agreement to sell its 185,000-b/d refinery at Paulsboro, NJ, to PBF Holding Co. LLC, a wholly owned subsidiary of PBF Energy Co. LLC, for $360 million plus the value of net working capital and inventories, currently estimated to be $275 million.

The sale price consists of $180 million in cash at closing and a note in the amount $180 million with a term not to exceed 18 months, Valero reported. The transaction is expected to close in the fourth quarter, contingent upon regulatory and other customary approvals.

San Antonio-based Valero, which owns 15 refineries in the US, Canada, and Aruba, decided to explore its strategic options for the Paulsboro refinery in third-quarter 2009 as part of its goal to exit refining operations on the US East Coast.

Related Articles

US merchant bank to buy Newfoundland refinery

09/08/2014 Harvest Operations Corp., a wholly owned subsidiary of Korea National Oil Corp., has agreed to sell its 115,000-b/d refinery in Come-by-Chance, New...

ESAI: Rising distillation capacity to hasten refinery closures

09/04/2014 A wave of new distillation capacity over the next year will lead to additional refinery closures, particularly for operators in Europe, according t...

CHS plans revamp of Montana refinery

09/04/2014 US farmer-owned cooperative CHS Inc. plans to invest $406 million to boost efficiency and increase diesel production at its 55,000-b/d Laurel, Mont...

ExxonMobil plans upgrade at Norwegian refinery

09/03/2014 ExxonMobil Corp. subsidiary Esso Norge AS is planning to install a residual flash tower designed to replace heavy fuel oil production at its 6 mill...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected