25 July 2011 23:47 [Source: ICIS news]
HOUSTON (ICIS)--US base-oils producer Calumet Specialty Products has agreed to acquire a refinery from Murphy Oil for $475m, the company said on Monday.
The refinery is in Superior, Wisconsin, Calumet said. The deal includes finished-products terminals and $260m (€182m) in inventories.
The refinery has a throughput capacity of 45,000 bbl/day and a complexity rating of 8.9, Calumet said. The refinery's crude oil comes from the northern US and Canada.
Calumet expects the deal to close by the end of the third quarter.
The refinery produces gasoline, distillate, asphalt and specialty petroleum products, Calumet said.
The material is marketed in the US midwest as well as Canada.
"We are pleased to announce our largest acquisition or expansion since our initial public offering," said Calumet's chief executive Bill Grube. "We expect the acquisition to be immediately accretive to distributable cash flow."
The deal will increase Calumet's throughput capacity by 50% to 135,000 bbl/day, the company said.
($1 = €0.70)
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