Par Pacific Holdings Inc. has announced that it has closed its acquisition of certain refining assets from an affiliate of Island Energy Services (IES), a privately-held energy company located in Oahu, Hawaii, US.
On 29 August 2018, IES announced it would cease its refining operations, shifting its focus to logistics and retail operations. Par Pacific paid US$45 million for the refining assets plus additional amounts for certain hydrocarbon and non-hydrocarbon inventory.
The acquired refining assets are located near Par Pacific's current Kapolei refinery and will be utilised by Par Pacific to supplement its existing operations as well as to supply product to IES so that IES may fulfil its contractual obligations with Hawaiian Electric Co. and its affiliates and the Kauai Island Utility Cooperative. As part of the transaction, Par Pacific has entered into a long-term agreement with IES to utilise IES' retained logistics assets for the storage and throughput of crude oil and refined products necessary for the operation of the acquired refining assets.
Read the article online at: https://www.tanksterminals.com/storage-tanks/20122018/par-pacific-closes-transaction-with-island-energy-services/