April 30, 2008 at 11:51 am #3662
Tuesday, Apr. 29, 2008
Western Refining Completes Startup of Low Sulfur Gasoline Unit at Yorktown
EL PASO, Texas – Western Refining (NYSE: WNR) announced today the successful start up of the low sulfur gasoline unit at its Yorktown Refinery.
The project was constructed primarily to comply with current low sulfur gasoline regulations. With the ability to produce low sulfur gasoline grades, Western expects to begin realizing higher product revenues, as well as lower transportation costs in the second quarter, through additional sales in the local markets near the Yorktown refinery. In addition, this new unit has the capacity to allow Western the opportunity to purchase external high sulfur gasoline stocks, which can be upgraded to higher valued low sulfur gasoline.
“This project is a major step forward in our plan to increase throughput of heavier and cost advantaged crudes at Yorktown,” said Mark Smith, executive vice president of refining. “In addition to creating operating and financial benefits, the completion of this project represents the final step in EPA mandated sulphur reduction projects at Yorktown. Our Yorktown employees did a great job of safely bringing the low sulfur gasoline unit on line.”
Construction of the $170 million project commenced in 2006 and was completed in the first quarter of 2008. Western expects the project to begin contributing approximately $2.0 million to $2.5 million per month of increased earnings in the second quarter.
About Western Refining
Western Refining, Inc. is an independent refining and marketing company headquartered in El Paso, Texas. Western has a refinery in El Paso, two refineries in the Four Corners region of northern New Mexico and a refinery in Yorktown, Virginia. Western’s asset portfolio also includes refined products terminals in Albuquerque, New Mexico and Flagstaff, Arizona, asphalt terminals in Phoenix, Tucson, Albuquerque and El Paso, retail service stations and convenience stores in Arizona, Colorado and New Mexico, a fleet of crude oil and finished product truck transports, and wholesale petroleum products operations in Arizona, California, Colorado, Nevada, New Mexico, Texas and Utah. More information about the Company is available at http://www.wnr.com.
Western Refining, Inc. Investors: Mark Cox, 915-534-1400 or Media: Gary Hanson, 915-534-1400
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