US Calumet to acquire NuStar refinery, assets in Texas for $115m

17 December 2012 17:03  [Source: ICIS news]

US Calumet to acquire NuStar refinery, assets in Texas for $115mHOUSTON (ICIS)--US crude oil refiner Calumet Specialty Products Partners announced on Monday that it has signed an agreement to acquire a Texas refinery and other assets of NuStar Refining and NuStar Logistics for approximately $115m (€87m).

Closing of the transaction is expected to occur in January 2013, subject to customary closing conditions.

Assets acquired by Calumet in the deal include a San Antonio crude oil refinery with throughput capacity of approximately 14,500 bbl/day.

The refinery currently produces ultra-low sulphur diesel, jet fuel, specialty solvents, reformates, naphtha and vacuum gas oil.

Calumet also acquires approximately 200,000 bbl of storage capacity at the San Antonio refinery, approximately 200,000 bbl of crude oil storage capacity at an Elmendoft crude oil terminal in Texas, as well as crude oil feedstocks sourced from South Texas, primarily the Eagle Ford Shale.

"We are pleased to announce the acquisition of the San Antonio refinery into our portfolio of assets, giving us further geographic reach with a refinery strategically located near the Eagle Ford Shale," said Calumet chief executive Bill Grube. 

"We expect to complete the refinery's current initiative to add finished gasoline to its product mix in the near term and plan to evaluate a potential capacity expansion for the refinery as well as explore various crude oil sourcing opportunities," said Grube.

Indiana-based Calumet processes crude oil and other feedstocks into customized lubricating oils, solvents, waxes and asphalt used in consumer, industrial and automotive products.

Calumet also produces fuel products including gasoline, diesel and jet fuel. 

($1 = €0.76)

By: Frank Zaworski
+1 713 525 2653

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