PBF Energy closes deal for California refinery, related assets
PBF Holding Co. LLC, a subsidiary of PBF Energy Inc., Parsippany, NJ, has completed its acquisition of ExxonMobil Corp.’s 155,000-b/d Torrance, Calif., refinery, and related logistics assets.
PBF Holding Co. LLC, a subsidiary of PBF Energy Inc., Parsippany, NJ, has completed its acquisition of ExxonMobil Corp.’s 155,000-b/d Torrance, Calif., refinery, and related logistics assets (OGJ Online, Oct. 1, 2015).
Upon the deal’s July 1 closing, PBF Energy took 100% ownership of the Torrance refinery as well as a network of crude and product pipelines, product distribution terminals, and storage facilities, including a 171-mile crude gathering and transportation system that delivers the refinery its main feedstock of San Joaquin Valley crude directly from the field, PBF Energy said.
Alongside a shell capacity of 8.6 million bbl in on site crude, intermediate, and finished product storage at the refinery, the purchase also includes several pipelines that provide the plant access to imported crude supplies arriving at the Ports of Long Beach and Los Angeles.
PBF Energy paid a $537.5 million plus an estimated working capital of $460.9 million for the assets, the company said.
With the addition of the Torrance refinery to its refining operations, PBF Energy now operates five US refineries with a combined crude processing capacity of 900,000 b/d to become North America’s fourth-largest independent refiner.
Last year, PBF Energy closed a deal with ExxonMobil and Petroleos de Venezuela SA (PDVSA) for the purchase of former ExxonMobil-PDVSA joint venture Chalmette Refining LLC’s 189,000-b/d refinery in Chalmette, La., outside of New Orleans (OGJ Online, Nov. 2, 2015).
Contact Robert Brelsford at firstname.lastname@example.org.