PBF unit completes Toledo refinery purchase

By OGJ editors
HOUSTON, Mar. 1 -- Toledo Refining Co. LLC, a wholly owned subsidiary of PBF Holding Co. LLC., has completed its purchase of a 170,000-b/d refinery in Toledo, Ohio, from Sunoco Inc. (OGJ, Dec. 13, 2010, Newsletter).

The purchase price was $400 million, half in cash and half in a 2-year note. The deal also included a participation payment of up to $125 million, based on profitability of the refinery, and sale of inventories.

The high-conversion refinery processes mainly light, sweet crudes from Midcontinent states and Canada.