Chevron has agreed to sell its 58,000-barrel-per-day refinery in Hawaii to private equity firm One Rock Capital Partners, Reuters reports. No purchase price has been revealed, but estimates peg the value between $75 million and $300 million. Chevron has been trying to sell the refinery for the past six years and has moved to tighten its purse strings amid the oil market downturn.
The refinery will be the first in One Rock’s portfolio, which also includes food, chemical and urinalysis supply manufacturers and landscape service firms.
The transaction is expected to close by December.
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