Posted on

PBF Energy to purchase Torrance Refinery from ExxonMobil

ExxonMobil, the maker of products including Mobil DTE 10 Excel 32, has come to an agreement that it will sell its refinery in Torrance, California to PBF Energy Inc.

The company will also sell a lubricants distribution centre, which is located in Vernon, along with product terminals in both Vernon and Atwood, and a number of other items, including a number of Californian pipelines and facilities, to PBF.

The president of ExxonMobil Refining and Supply Company, Jerry Wascom, said of the deal:

“The sale results from a strategic assessment of the site and how it fits with our refining portfolio. ExxonMobil regularly adjusts its portfolio through investment, restructuring or divestment consistent with overall global and regional business strategies.”

He also talked of the company’s continuing commitment to maintaining a sizeable global portfolio as part of its business strategy.

According to Wascom, ExxonMobil will carry on making notable investments all over the world, so that it can strengthen its facilities in the chemicals and lubricant manufacturing industries.

It is believed that the takeover of the refinery, which is currently staffed by 700 contractors and 700 employees, will be complete by mid-2016 once repairs to the electrostatic precipitator there have been carried out, and once regulatory approval has been given.

It is thought that current employees at the refinery will be offered jobs with PBF, and that other agreements and obligations that are currently in place will not be affected by the takeover at all.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.