NuStar Energy to sell 50% stake in asphalt refineries to private equity

Ownership of another Philadelphia-area refinery is about to change.

NuStar Energy L.P. said it would sell 50 percent of its asphalt operations, which include refineries in Paulsboro, N.J., and Savannah, Ga., to a joint venture in a transaction expected to be completed by Sept. 30.

Lindsay Goldberg L.L.C., a New York private-equity firm with $10 billion under management, will pay $175 million for a 50 percent interest in the joint venture, with San Antonio-based NuStar holding the other 50 percent stake. The two refineries have a combined refining capacity of 104,000 barrels per day.

NuStar acquired the Gloucester County and Georgia refineries and three asphalt terminals from Citgo, the Venezuela-owned oil company, for $550 million in 2008.

Shares of NuStar Energy closed Friday at $52.91, down $1.02 or 1.9 percent.