Crown hires advisors, considers selling refinery assets

Crown Central Petroleum Corp., Baltimore, is considering selling its Pasadena and Tyler, Tex., refinery and terminal assets.


By the OGJ Online Staff

HOUSTON, Aug. 10 -- Crown Central Petroleum Corp., Baltimore, is considering selling its Pasadena and Tyler, Tex., refinery and terminal assets.

Crown hired Turner, Mason & Co., Dallas, to help market and explore all options for these refinery assets.

Earlier this year, Crown merged with Rosemore Inc. (OGJ Online, Mar. 8, 2001). However, Crown is operating as a separate company under its current name.

The company said that after the merger, it continued a strategic review of assets begun several years earlier. "The company has concluded that it is desirable to consider the sale of its refineries and related assets."

The Pasadena refinery has capacity of 100,000 b/d. The other refinery has capacity of 52,000 b/d.

Crown also owns 324 Crown gasoline stations and convenience stores in the Mid-Atlantic and Southeastern US, and 13 product terminals along the Colonial, Plantation, and Texas Eastern Products pipelines.

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