PBF completes $340m acquisition of Valero refinery in New Jersey

17 December 2010 15:57  [Source: ICIS news]

HOUSTON (ICIS)--PBF Energy on Friday announced the completion of its $340m (€258m) acquisition of Valero’s Paulsboro refinery in New Jersey.

The agreement was announced in late September. In addition to the 180,000 bbl/day refinery, PBF also acquired a connecting natural gas pipeline, the refinery's hydrocarbon inventory and other assets.

The Paulsboro sale is the second deal that PBF has made this year with Valero.

In June, PBF closed on a $220m deal to acquire Valero's idled Delaware City refinery in Delaware City. The deal also included the site's power plant complex.

The Delaware City refinery had a capacity of 190,000 bbl/day. PBF said it would restart the refinery in the first half of 2011.

“We plan on optimising [the Paulsboro] plant with our Delaware City operation to ensure that both plants remain highly competitive in the marketplace,” said PBF chairman Thomas O’Malley.

PBF is owned by equity firms the Blackstone Group and First Reserve as well as Petroplus Holdings, Europe's largest independent refiner.

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By: Ben DuBose
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