Valero completes sale of Paulsboro refinery

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.

PBF agreed to buy the 500-employee, 185,000-barrel-per-day refinery in September. In April, it bought Valero's Delaware City, Del., refinery. PBF has said the two refineries, 35 miles apart, were the most complex oil processors on the East Coast and would be operated synergistically.    - Reid Kanaley