COMPANY NEWS: Premcor to buy Williams's Memphis refinery

12/09/2002
Williams Cos. Inc. reported late last month signing a definitive agreement to sell its Memphis refinery and other related operations to Old Greenwich, Conn.-based independent refiner Premcor Inc. for $465 million in cash. The Tulsa-based energy company put the 190,000 b/d Memphis plant as well as its Alaska refinery up for sale earlier this year in a move that would divest all of its US refining capacity (OGJ Online, June 24, 2002).Over the last several months, refinery sales have been "dormant" despite 10 refineries that are currently on the market in the US, according to a recently released report by Fitch Ratings.Refinery saleIn addition to the refinery, Premcor will acquire two associ...
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