PBF Energy has agreed to acquire ExxonMobil’s Torrance, California, refinery for $537.5 million. The refinery has been running at 20% capacity since a February explosion that injured four contractors and caused extensive damage. The reduced output has contributed to a gasoline price spike in California. PBF said the refinery would be restored to full working order by the time the transaction closes in the second quarter of 2016.
In June, PBF agreed to buy the Chalmette Refinery near New Orleans from ExxonMobil and PDVSA for $322 million. PBF CEO Tom Nimbley said the Torrance and Chalmette acquisitions would combine to increase the company’s refining capacity by over 60%.
MORE REFINING NEWS: PBF restarts fire-damaged FCCU at Delaware City refinery
