ExxonMobil sells share Chalmette Refining in Louisiana
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ExxonMobil sells share of Chalmette Refining in Louisiana

5:16 PM, 18th June 2015
ExxonMobil sells share of Chalmette Refining in Louisiana

CHALMETTE, US: ExxonMobil said it has agreed with PBF Energy Inc for the sale and purchase of its 50 percent interest in Chalmette Refining Llc in Chalmette, Louisiana. PBF Energy will purchase 100 percent of Chalmette Refining Llc, which is a joint venture between affiliates of Petroleos de Venezuela SA (PDVSA) and ExxonMobil, it said.

Subject to regulatory approval, change-in-control is anticipated to take place by the end of 2015. Details of the commercial agreements are proprietary.

The agreement includes the Chalmette refinery and chemical production facilities near New Orleans and the company’s 100 percent interests in MOEM Pipeline Llc and 80 percent interest in each of Collins Pipeline Company and T&M Terminal Company. ExxonMobil operates Chalmette Refining Llc and Mobil Pipeline Company, an ExxonMobil affiliate, operates the logistics infrastructure.

“This decision is the result of a strategic assessment of the site and how it fits with our large US Gulf coast refining portfolio. We regularly adjust our portfolio of assets through investment, restructuring, or divestment consistent with our overall global and regional business strategies,” said Jerry Wascom, president, ExxonMobil refining & supply company.

“ExxonMobil remains committed to doing business in Louisiana through ongoing operations at the Baton Rouge refinery and chemical plants, the development and production of oil and natural gas resources, and sales of fuels and lubricants. All of these businesses are unaffected by this agreement,” added Wascom.

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