PBF to Buy Southern California Refinery From Exxon for $537.5 Million
30 Septembre 2015 - 11:27PM
Dow Jones News
By Lynn Cook
PBF Energy Inc. said it will buy a large refinery in southern
California from Exxon Mobil Corp. for $537.5 million, plus working
capital valued at closing.
The deal is significant because the 155,000-barrel-a-day
refinery in Torrance, a suburb south of Los Angeles, has been shut
down since early 2015 when a fire destroyed a unit critical to
making gasoline. Once the refinery stopped making fuel, prices at
the pump in the state soared.
It's difficult to import enough fuel to satisfy California's
gasoline needs, because the state's environmental regulations are
more stringent than the rest of the U.S., and the world.
PBF said it will repair the refinery and reopen it. The
transaction with Exxon is expected to close in the second quarter
of 2016, subject to customary closing conditions and regulatory
approvals, the company said.
Write to Lynn Cook at lynn.cook@wsj.com
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(END) Dow Jones Newswires
September 30, 2015 17:12 ET (21:12 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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