The Toledo refinery, which is a 170,000 barrel per day refinery, is a high-conversion light/sweet crude oil refinery that processes primarily mid-continent and Canadian crude oils.
The major process units include a fluid catalytic cracking unit, a high pressure hydrocracker, a gasoline hydrotreater, two reformers, an alkylation unit and an UDEX unit.
The purchase price is comprised of $200m in cash and $200m in a note provided by the seller.
PBF now has 545,000 barrels per day of complex refining capacity in the US.
The terms also include a participation payment of up to $125m based on the future profitability of the refinery, and the sale of the crude oil and refined product inventory attributable to the refinery based on market related prices at closing.
PBF also completed the commercial arrangements with Morgan Stanley Capital Group (MSCG) under which MSCG will provide crude oil and feedstocks to the refinery and also purchase the plant’s clean product production beginning in the second quarter.
