ExxonMobil has reached an agreement with PBF Energy for the sale and purchase of its refinery in Torrance, California, a lubricants distribution centre at Vernon, products terminals at Vernon and Atwood, and associated California pipelines and other logistics assets, including facilities at the Southwest terminal.
“The sale results from a strategic assessment of the site and how it fits with our refining portfolio,” said Jerry Wascom, president of ExxonMobil Refining & Supply Company.
Approximately 700 employees and 700 contractors work at the refinery and associated facilities. Employees will be offered positions with PBF and existing third-party supply agreements, obligations, terms and conditions remain unchanged.
Owing to repairs of refinery’s electrostatic precipitator and regulatory approval, change-in-control is anticipated to take place by mid-2016.
ExxonMobil is retaining a presence in California through ongoing production of oil and natural gas and sales of fuels and lubricant products. Exxon- and Mobil-branded retail sites in the state are unaffected by the agreement.
PBF recently contracted to purchase the Chalmette refinery in Louisiana through a separate, independent bidding process, in which ExxonMobil holds 50%.