Parsippany-based PBF Energy Inc. announced Thursday that its subsidiary has purchased a New Orleans-based refinery for $322 millionThe acquisition of Chalmette Refining Inc. consists of the 189,000 barrel per day Chalmette Refinery and related logistics assets. It will increase PBF’s total capacity to more than 725,000 barrels per day.
“The acquisition of the Chalmette Refinery, and its associated logistics assets, represents a significant step in the strategic growth of PBF Energy and PBF Logistics. Upon completion, we will have increased our refining capacity by 35 percent and added meaningful Gulf Coast assets to our businesses. We will have operations in the Gulf Coast, Mid-Continent and East Coast and have diversified and increased our commercial footprint and flexibility,” Tom Nimbley, PBF CEO, said in a prepared statement. “We are committed to the continued safe and environmentally responsible operations of the facility and look forward to welcoming Chalmette’s well-trained and professional workforce to the PBF family.”
The deal is expected to close before the end of 2015.
“The PBF management team that the board has put in place has a proven track record of purchasing and integrating accretive acquisitions and chose the right opportunity in Chalmette to build on that track record at an attractive cost per complexity barrel,” Tom O’Malley, PBF executive chairman, said in a prepared statement.
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