Valero said Thursday that the deal, expected to close in the second quarter, still needs regulatory approvals and the completion of certain agreements with the state of Delaware.
San Antonio, Texas-based Valero announced in November that it was halting operations at the refinery and laying off 550, but agreed not to remove equipment while negotiations were under way. Gov. Jack Markell's administration has been supporting efforts to sell and reopen the refinery.
"We are pleased that we have reached this agreement with PBF," Valero Chairman and CEO Bill Klesse said. "The transaction reflects incremental cash flow and a good value for the terminal and shut-down refinery units. For the state of Delaware, this provides the potential to regain manufacturing jobs in the future. We thank Gov. Markell for his active participation in facilitating our agreement."
PBF is the investment arm of a partnership between Petroplus Holdings AG, the Blackstone Group, and private equity firm First Reserve to buy U.S. oil refineries. Petroplus is the largest independent petroleum refiner and wholesaler in Europe.
