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Par Pacific Holdings of Houston announced Tuesday that it is acquiring Tacoma-based U.S. Oil and Refining Co. and affiliated entities for $358 million. The acquisition includes purchase of U.S. Oil’s 139-acre complex on the Tideflats. It including a 42,000-barrels-per-day refinery, a marine terminal, a rail loading terminal and 2.9 million barrels of refined product and crude oil storage. “This transformative acquisition connects our existing assets in Hawaii, Pacific Northwest and the Rockies to create an integrated downstream network with significantly enhanced scale and diversification,” William Pate, president and CEO of Par Pacific Holdings, said in a statement announcing the deal. “We have been executing an ambitious strategic growth plan focused on attractive downstream markets for over three years,” Pate said, “and the acquisition of U.S. Oil further demonstrates the progress we have made. We believe that this transaction provides a strong platform for earnings and cash flow growth.” CYBER MONDAY SALE! Only $20 for a full year of digital access! Hurry! Offer ends Monday! SUBSCRIBE NOW #ReadLocal The announcement was made on Par Pacific’s website . The company owns and manages energy interests, related retailing and infrastructure businesses, with “refining and logistics assets” in Hawaii and Wyoming and a […]
