State offers oil co. $30 million to re-open shut refinery
PBF Energy Partners agrees to restart the Delaware City Valero plant and hire 600
"Five months after the Valero Corporation announced it was permanently shutting down the Delaware City Refinery, PBF Energy Partners, LP has entered into an agreement with Valero to acquire the refinery and restart refining operations as early as spring 2011," Delaware Gov. Jack Markell said in a statement. Markell says he "negotiated with PBF to bring 600 full-time jobs to Delaware, in exchange for certain economic development incentives, should PBF acquire and operate the refinery." Inquirer story here. PBF will pay Valero $220 million for the plant, says Valero here.
"The widely anticipated sale brings O'Malley back to U.S. refining, which he left in 2005 to run European refining company Petroplus. O'Malley and Petroplus, along with equity firms Blackstone Group and First Reserve Corp, created PBF to buy U.S. refineries...
"PBF said it plans to restart the refinery in the spring of 2011 after nine months of major maintenance... O'Malley has said he plans to bid on Valero's 185,000-bpd Paulsboro, New Jersey, which the company is also considering selling."