US Hess to sell terminals, refinery, exit refining business

28 January 2013 17:24  [Source: ICIS news]

HOUSTON (ICIS)--US energy firm Hess plans to sell its terminal network and close its Port Reading refinery in New Jersey in order to exit the refining business and focus on exploration and production, the company said on Monday.

The terminal network includes 19 terminals, 12 with deep-water access, with 28m bbl of storage capacity.

The Port Reading refinery consists only of a fluid catalytic cracking (FCC) unit. It mainly produces gasoline and blending components for heating oil.

Hess has enlisted Goldman Sachs as its financial advisor for the divestiture of the terminal network.

“By closing the Port Reading refinery and selling our terminal network, Hess will complete its transformation from an integrated oil and gas company to one that is predominantly an exploration and production company and be able to redeploy substantial additional capital to fund its future growth opportunities,” said John Hess, chairman and CEO.

By: Bobbie Clark
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