Citgo parts with two US asphalt refineries

Citgo Petroleum has agreed to sell two asphalt refineries in Paulsboro, NJ, and Savannah, Ga., and a terminal in Wilmington, NC., to NuStar Asphalt Refining.

By OGJ editors
HOUSTON, Nov. 9 -- Citgo Petroleum Corp., Houston, has agreed to sell two asphalt refineries in Paulsboro, NJ, and Savannah, Ga., and a terminal in Wilmington, NC., to NuStar Asphalt Refining LLC.

The Paulsboro refinery has a crude capacity of about 70,000 b/d and the Savannah refinery's crude capacity is 30,000 b/d. The refineries typically process very heavy Venezuelan crude oil.

The sale finalizes the divestiture of all of Citgo's asphalt assets and allows the company to focus on its core fuels, lubricants, and petrochemicals businesses.

The sale is expected to close by yearend subject to regulatory approval.

More in General Interest