PBF expects second quarter Torrance takeover

OREANDA-NEWS. June 20, 2016. Restart delays and maintenance issues at the 155,000 b/d refinery in Torrance, California, have not changed PBF Energy's expected entry to the west coast refining business by the end of the month.

The US independent refiner reiterated a planned second quarter completion of its \\$537.5mn purchase of ExxonMobil's Torrance facility and associated logistics assets. PBF has maintained the timeline since announcing the transaction last September, despite permitting, restart and maintenance delays following the restoration of a gasoline-producing unit crippled by a February 2015 explosion.

PBF required that ExxonMobil demonstrate 15 days of stable operations as a condition for the deal, a goal chief executive Tom Nimbley had suggested in February could be met through a 35-day startup period.

But restoring Torrance after more than a year of downtime proved bumpy. Regulators authorized restart work in April, over local environmental opposition, and work began in earnest in May.

Maintenance and increased flaring continued at Torrance through the end of last week. ExxonMobil declined to comment on the status of the refinery today, but added that the company expected a mid-2016 transfer of the facility.