Valero to sell O'Malley second East Coast refinery

摘要

Valero and veteran oilman Tom O'Malley have agreed on their second U.S. refinery acquisition deal this year.rnO'Malley's PBF Holding Co. LLC, a subsidiary of PBF Energy Co. LLC, will buy Valero's 185,000-b/d refinery in Paulsboro, N.J., for $360 million, plus the value of net working capital and inventories, currently estimated at $275 million. The deal is expected to close before year's end.rnThe Stamford, Conn.-based company O'Malley heads had been in negotiations with Valero going back at least as far as January. In April, O'Malley announced PBF had purchased Valero's 190,000-b/d Delaware City, Del., refinery for $220 million. The plant, closed in late 2009 to prevent ongoing operating losses, is undergoing an extensive turnaround and is scheduled to restart in the first half of 2011.