Phillips 66 to sell New York marine terminal to United Refining
Phillips 66 has agreement to sell its marine terminal and associated assets near New York harbor to Pennsylvania's United Refining Inc (United Refining), Reuters reports.
Terms of the deal were not disclosed, and the billionaire chairman and chief executive of United Refining, John A. Catsimatidis, said "We're not making public what we intend to do with the terminal."
Catsimatidis did say, however, his company will lease some of the terminal's storage tank capacity to other firms and has no immediate plans to send the crude oil it receives at the terminal to its 65,000 barrel-per-day refinery in Warren, Pennsylvania.
Located in Riverhead, on the northern shore of Long Island, the terminal comprises 280 acres of storage tanks for crude oil, heavy fuels, diesel and gasoline, as well as an an offshore very large crude carrier (VLCC) dock, reported to be the only deepwater loading and unloading facility on the U.S. East Coast.
Phillips 66 said the sale is part of its strategy to divest assets that do not fit with its long-term business objectives.
SGX listed Chemoil Energy Limited (Chemoil) is also unloading its storage assets, saying yesterday it intends to sell its Jurong Island, Singapore storage facility to Germany's Oiltanking GmbH (Oiltanking) for $285 million because of "structural changes that have occurred in the marine fuels market."
