The Auto Channel
The Largest Independent Automotive Research Resource
The Largest Independent Automotive Research Resource
Official Website of the New Car Buyer

Mobil Finalizes Sale Of Paulsboro Refinery

17 September 1998

Mobil Finalizes Sale Of Paulsboro Refinery

    FAIRFAX, Va.--Sept. 16, 1998--Mobil Corp. announced Wednesday that it finalized the sale of its Paulsboro Refinery to Valero Energy Corp.
    The 155 TBD refinery, located in Greenwich Township, N.J., was sold to Valero for $228 million, plus approximately $100 million for inventories and working capital on hand at the time of closing.
    Mobil signed 10-year agreements to purchase fuels and lubricant basestocks from Valero, with the option to extend those contracts. The documents were signed at Mobil's Fairfax headquarters.
    Mobil will continue to own and operate its existing fuels distribution system, including the Paulsboro terminal and truck rack. The Paulsboro lubricant blending plant, the Paulsboro Technical Center and Mobil's retail marketing business units in the northeastern United States also are unaffected by this transaction.