Giant Industries acquires BP refinery. (Top of the News).(for $127.5 million plus the value of inventory at closing)(Brief Article)(Statistical Data Included)

National Petroleum News, April, 2002

In February, Giant Industries Inc., Scottsdale,Ariz., and London-based BP p.l.c. announced that they had reached an agreement for Giant to acquire BP's Yorktown, Va., refinery for $127.5 million plus the value of inventory at closing, currently estimated to be $42 million.

Additionally, the agreement includes potential payments not to exceed $25 million if certain refining margin levels are met beginning in the year 2003 and concluding at the end of 2005.

The refinery is located in Yorktown, on the York River, and has a crude-oil processing capacity of 62,000 barrels per day. The product slate, approximately 50 percent gasoline, also includes a wide range of products such as diesel fuel, heating oil and coke. The refinery is the only refinery in...

Read the rest of this article with a Free Trial at HighBeam Research.

Premium Content Partnership | HighBeam Research provides an in-depth online archive library of reference works.