08 April 2010 22:32 [Source: ICIS news]
HOUSTON (ICIS news)--US refiner Valero announced on Thursday that it has reached an agreement to sell its idled Delaware City refinery for $220m (€165m) to subsidiaries of petroleum investment firm PBF Energy.
Valero permanently closed the 182,200 bbl/day refinery in November 2009 following fruitless efforts to find a buyer for the facility, which had been losing money due to weak profit margins.
Earlier this year, Valero and PBF entered discussions with the support of Delaware Governor Jack Markell regarding a possible purchase of the site’s assets.
PBF said it plans major maintenance work at the refinery over the next nine months and aims to restart the refinery in the spring of 2011.
Delaware City Refining Company and Delaware Pipeline Company, which purchased the refinery, are wholly-owned subsidiaries of PBF Energy.
PBF Energy is a partnership consisting of European refiner Petroplus Holdings, Blackstone Group and First Reserve.
($1 = €0.75)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections