The company will retain the de minimis levels of remaining crude oil and refined products inventories that have not yet been liquidated. The transaction is expected to close during the second quarter contingent upon regulatory approvals, as well as the parties’ completion of certain agreements with the state of Delaware.
After the transaction closes, Valero will continue to supply its area customers via a terminaling agreement with the site’s new owners.
Bill Klesse, chairman and CEO of Valero, said: “We are pleased that we have reached this agreement with PBF. The transaction reflects incremental cash flow and a good value for the terminal and shut-down refinery units. For the state of Delaware, this provides the potential to regain manufacturing jobs in the future.”
