The acquired assets include a currently idle 190,000 barrel per day refinery, associated terminal and pipeline, and a 218MW power plant complex. The purchase price totaled $220m, subject to certain adjustments.
In addition, PBF will commence major maintenance work at the refinery and plans to restart the refinery in the first half of 2011. The terminal assets will continue to operate through this period, the company said.
Thomas O’Malley, chairman of PBF, said: “We believe the refinery can be a sustainable part of the Delaware and US economies for years to come.
“The Delaware City refinery and related assets provide an excellent platform upon which PBF plans to grow while focusing on safe, reliable and environmentally responsible operations.”
