Yorktown oil refinery sale completed

Bill Nachman - Posted on Jan 11, 2012 - 01:49 PM

Plains All American Pipeline announced Dec. 29 that it has completed the previously reported acquisition of the Western Refinery oil terminal at Yorktown.

Roy I. Lamoreaux, director of investor relations for Houston, Texas-based Plains, said that the deal with Western was for approximately $220 million. Plains acquired the Yorktown terminal and its refinery, Lamoreaux said.

Gary Hanson, vice president of corporate communications for Western Refinery, said the deal also included Western’s sale of an unrelated, 82-mile pipeline in New Mexico to Plains. Western is based in El Paso, Texas, Hanson said, and concentrates its business in the Southwest, with its main facilities located in El Paso and in Gallup, New Mexico.

The transaction includes the Yorktown terminal, its refinery that Western idled about a year ago, and the pipeline, Hanson said.