Company News - Premcor to buy Motiva's Delaware refinery

Premcor Inc., Old Greenwich, Conn., agreed to buy Motiva Enterprises LLC's Delaware City refining complex—Delaware's only refinery—for $800 million, plus the value of petroleum inventories at closing.The purchase price was $435 million and the assumption of $365 million of tax-exempt bonds from the Delaware Economic Development Authority. Petroleum inventories are estimated to be worth $100 million.The 175,000 b/cd refinery, 15 miles south of Wilmington, is capable of meeting US Environmental Protection Agency low-sulfur fuel specifications with a modest investment, Premcor said, and also is capable of processing heavy-sour and high-acid crude.Premcor already owns thre...

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