BP Refinery Sells for $127.5M, Excluding Contents

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.