ExxonMobil has struck a deal with PBF Energy for the sale of its refinery in California.
The company said in addition to the facility at Torrance the agreement also includes a lubricant distribution centre at Vernon, a products terminal at Vernon and Atwood and associated Californian pipelines and other logistics assets.
The move is expected to affect 700 staff members and 700 contractors who work at the refinery and associated facilities.
Exxon said staff would be offered positions with PBF.
The company’s president of refining and supply Jerry Wascom said the sale fits in with the company’s planned refining portfolio.
He said: “ExxonMobil regularly adjusts its portfolio through investment, restructuring or divestment consistent with overall global and regional business strategies.
“We remain committed to a large, global refining portfolio as part of our integrated business strategy. We will continue to make significant investments across the globe to strengthen our facilities which are often advantaged by scale and integration with chemicals and lubricant manufacturing.”
The change in ownership is expected to take place by the middle of next year.
As well as the Torrance refinery, PBF recently contracted to purchase the Chalmette refinery in Louisiana through a separate, independent bidding process in which ExxonMobil holds a 50% share.
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