Andeavor has completed the acquisition of the West Coast asphalt terminals of Delek US Holdings, Inc. for a total consideration of US$75 million, plus working capital. The assets, formerly the Alon Asphalt Co., include four wholly-owned terminals in Elk Grove, California; Bakersfield, California; Mojave, California; and Phoenix, Arizona; as well as 50% interest in the Paramount Nevada Asphalt Co. joint venture terminal in Fernley, Nevada.
"This acquisition highlights our strategy of strengthening our integrated business model, allows for additional growth and enhances our refining margin capture," said Greg Goff, Chairman, President and CEO. "With a total asphalt capacity of more than 430 000 t across ten terminals, we are well positioned to improve the value of heavy resid produced at our refineries ahead of IMO 2020 bunker fuel specification changes."
Read the article online at: https://www.hydrocarbonengineering.com/tanks-terminals/22052018/andeavor-acquires-asphalt-terminals/