By OGJ editors
HOUSTON, June 2 -- ChevronTexaco Corp. Monday announced plans to sell its share of the El Paso, Tex., refinery and certain associated assets to the privately owed Western Refining Co. LP of El Paso.
Financial details of the agreement were not disclosed. The transaction remains subject to regulatory approvals and financing. Until last year, Western Refining did business as Refinery Holding Co. LP.
Under the agreement, Chevron Products Co. also will sell its El Paso light products terminal to Western Refining. In 1993, Chevron Corp. and Western Refining combined separate El Paso refineries into one joint facility that Chevron has operated since.
The sale does not include Chevron Products' El Paso asphalt plant, but the agreement calls for Chevron Pipe Line Co. to sell an associated crude oil pipeline system to Western Refining's subsidiary, Kaston Pipeline Co. LP.
"While the El Paso refinery has been an important part of our system for many years, our strategic focus is shifting," said Dave Reeves, president, Chevron Products Co.
In June 2000, Western Refining agreed to buy Chevron's part of the joint refinery and also the crude oil pipeline system, although terms of the deal were not disclosed.
In February 2001, Chevron withdrew from the transaction, citing complications with Chevron's then-pending merger with Texaco Inc. (OGJ Online, Oct. 9, 2001).