19. February 2020 ecokontor

PBF Energy looking at possibility with shell to repurpose Martinez Refinery into renewable diesel production

In California, PBF Energy Inc. announced that its subsidiary completed the acquisition of Martinez refinery, and related logistics assets, from Equilon Enterprises LLC d/b/a Shell Oil Products US. With the acquisition, PBF’s increased its total throughput capacity to more than one million barrels per day and becomes the most complex independent refiner with a consolidated Nelson Complexity of 12.8. 
PBF Energy and Shell have agreed to jointly move forward with reviewing the feasibility of building a proposed renewable diesel project which would repurpose existing idled equipment at the Martinez refinery to create a renewable fuels production facility. 

The purchase price for the assets was $960.0 million plus the value of hydrocarbon inventory. In conjunction with the transaction, PBF has entered into market-based, crude oil supply and product offtake agreements with Shell. PBF financed the transaction with a combination of cash, including proceeds from its subsidiaries’ $1 billion private debt offering in January of 2020, and borrowings under its existing revolving credit facility.

Print Friendly, PDF & Email

Tags: , ,

Category: Producer News