Valero Energy Corp. today said it completed the sale of its Paulsboro refinery to a subsidiary of PBF Energy Co. L.L.C. of Greenwich, Conn.
Total value of the deal came to $707 million, Texas-based Valero said. That consisted of $340 million for the refinery itself, plus $367 million for net working capital, inventories, and other adjustments. The price for the refinery was adjusted from a previously announced $360 million mainly due to changes in crude oil supply economics, the company said.