PBF Energy Co. L.L.C. on Tuesday completed its $220 million purchase of Valero Energy Corp.'s Delaware City refinery. The transfer was marked by a ceremony at the plant.
PBF, the investment vehicle of Petroplus Holdings AG of Switzerland, Europe's largest refining company, plans to spend $125 million to $150 million refurbishing the plant. It plans to restart the refinery, which will employ 600 people, in the first half of 2011.
Valero, based in San Antonio, Texas, is also exploring strategic options for its refineries in Paulsboro (Gloucester County) and Aruba. - Andrew Maykuth