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Yorktown refinery sale completed
New company has no plans to reopen refinery
By Amanda Kerr, firstname.lastname@example.org | (757) 345-2345
5:02 p.m. EST, December 29, 2011
YORK Western Refining announced Thursday that it has closed on the sale of the Yorktown terminal and refinery as well as a segment of an oil pipeline in New Mexico to subsidiaries of Plains All American Pipeline for approximately $220 million.
Western closed the Yorktown refinery last year but kept a transportation terminal for oil products open. This year Western completed a project to connect to the Colonial Pipeline, which runs from Texas to New Jersey and pumps oil product from the Gulf Coast.
Earlier this month, a spokesman for Plains All American Pipeline said the company had no plans to reopen the refinery. Instead Harry Pefanis, president of Plains All American, said in a conference call to investors the idle refinery equipment will be disassembled and sold. The new owner said in a press release it plans to make modifications to the terminal to improve “connectivity and performance.”