Search
 

BP Refinery Sells for $127.5M, Excluding Contents

YORKTOWN, VA-The UK-based oil company sells its 600-acre crude oil refinery to Scottsdale, AZ's Giant Industries, Inc. for a whopping $127.5 million; a figure that does not include the additional $42 million Giant will pay for the facility's contents. An Amoco Corp. property until BP's acquisition of the company in 1999, the refinery is the only one in the entire state of Virginia.

By Barbra Murray | Updated on February 20, 2002

YORKTOWN, VA-British petroleum and petrochemicals group holding company BP plc. has sold its 600-acre refinery–the only oil refinery in the state of Virginia–to Scottsdale, AZ-based Giant Industries, Inc. in a $127.5 million transaction. Giant has agreed to pay an additional amount of approximately $42 million for the crude oil processing refinery’s inventory. There was no price tag on the property; the deal was completely negotiated. Giant is financing the acquisition with bank debt and cash, and expects the deal to close sometime in the second quarter of this year.

The facility is capable processing as many as 62,000 barrels of crude oil per day, and is large enough to serve certain markets in Virginia and Maryland, as well as North Carolina and New York Harbor. Several processing units, a deep-water dock, a waste treatment plant, bulk storage tanks and terminal operators occupy space on the 600-acre parcel. BP acquired the one-time Amoco Corp. refinery, which sits on the York River near the George P. Coleman Bridge and has been in operation since 1956, when it acquired Amoco in 1999.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.