A deal has been completed between ExxonMobil and PBF Energy for the sale of Exxon’s Torrance oil plant.
It took 10 months to finalize, but the sale has finally closed and what was formally Exxon’s Torrance plant is now PBF Energy’s first facility in the California oil industry. The plant at 3700 West 190th Street is located on a 750-acre site and is capable of refining 155,000 barrels of oil a day.
The plant’s operation will likely go on as usual with only minor changes, such as the acquisition of new custom Business Cards, Letterheads, Presentation Folders, and employee handbooks. Signage will of course also be changed to reflect the new owner’s name and logo.
PBF’s western region president, Jeff Dill, confirmed that the transaction timeline was rather unusual in that the time between reaching an agreement and closing it was unusually long. Completion of the sale was delayed for almost a year due to damage to the refinery’s pollution control system by an explosion that occurred in 2015.
The plant, which Exxon opened in 1966, employes 600 people. In addition to the refinery PBF also purchased terminals and pipelines from ExxonMobil, among which included one that connects to Bakersfield oil fields. Additionally, the New Jersey-based PBF has arranged to lease space at the Port of Los Angeles.
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