US NuStar to buy AGE’s San Antonio refinery for $41m

15 April 2011 17:18  [Source: ICIS news]

TORONTO (ICIS)--NuStar Energy has agreed to acquire AGE Refining's 14,500 bbl/day refinery in San Antonio, Texas, for $41m (€28m), the US terminal operator and asphalt refiner said on Friday.

The deal excludes net working capital, the company said.

NuStar reached the deal with AGE’s bankruptcy trustee, it said. AGE Refining filed for bankruptcy protection under chapter 11 in February 2010.

“We can lock in guaranteed margins through the futures market for crude, distillates and gasoline-related products for the next three to four years, so we expect the refinery to generate attractive returns," NuStar CEO Curt Anastasio said.

The refinery produces jet fuels, ultra-low-sulphur diesel, naphtha, reformates, liquefied petroleum gas (LPG), specialty solvents and specialised fuels.

The deal includes other AGE Refining assets, including a 200,000-barrel terminal Elmendorf, Texas.

($1 = €0.69)

By: Stefan Baumgarten
+1 713 525 2653

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