February 03, 2020 [Martinez News-Gazette] – PBF Energy Inc. announced today that it completed the acquisition of the Martinez refinery, and related logistics assets, from Shell Oil Products US.
The purchase price for the assets was $960.0 million plus the value of hydrocarbon inventory. The company will operate as ‘Martinez Refining Company’.
“We welcome Martinez’s professional workforce to the PBF family,” said PBF’s Chairman and Chief Executive Officer Tom Nimbley. “We are committed to maintaining the high operational standards of the refinery and, through continued safe, reliable and environmentally responsible operations, earning the privilege of being a respected member of the Martinez and Contra Costa County communities.” Mr. Nimbley continued, “The acquisition of Martinez is a significant strategic step for PBF as we expand our West Coast operations. Martinez is a top-tier asset, is a perfect complement to our existing assets and provides increased opportunities for PBF’s West Coast operations to deliver value.”
The 157,000 barrel-per-day, dual-coking Martinez refinery is located on an 860-acre site in the City of Martinez, 30 miles northeast of San Francisco, California. The refinery is a high-conversion facility with a Nelson Complexity Index of 16.1, making it one of the most complex refineries in the United States. The facility includes a number of high-quality onsite logistics assets including a deep-water marine facility, product distribution terminals and refinery crude and product storage facilities with approximately 8.8 million barrels of shell capacity.
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