The acquired assets include an 180,000 barrel per day refinery and an associated natural gas pipeline while the purchase price is $340m, subject to certain adjustments, plus working capital.
The purchase price is comprised of $180m in cash and $160m in a note provided by the seller.
Major process units include a delayed coking unit, a fluid catalytic cracking unit, hydrotreating units, a reformer, an alkylation unit, and 12,000 barrels per day of lube oil processing capacity.
PBF also completed the commercial arrangements with Statoil Marketing & Trading (US) and Morgan Stanley Capital Group (MSCG).
Statoil will provide crude oil and feedstocks to the refinery on a real time basis and MSCG will purchase the plant’s clean product production.
In conjunction with the acquisition, the company completed a $125m term loan with UBS, Morgan Stanley, Deutsche Bank and Credit Suisse and a $100m revolving credit facility with UBS, Morgan Stanley and Deutsche Bank.
