By MELODIE WARNER
NuStar Energy agreed to sell its San Antonio refinery and a
related terminal in Elmendorf, Texas, to Calumet Specialty
Products Partners for $100 million, plus inventory currently
estimated at $15 million.
NuStar, a pipeline-and-storage company, had put the refinery and terminal up for sale in
November as part of its plans to shift away from the
margin-based refining and marketing business in
order to further grow its fee-based pipeline and storage
The 14,500-bpd refinery produces and sells various
products, including jet fuels, ultra-low sulfur diesel, and
other highly specialized fuels. The Elmendorf terminal, located
about 12 miles away from the refinery, stores the crude oil
that is processed at the refinery.
The company said it purchased the refinery and terminal out
of bankruptcy in April 2011 for $41 million and said it has
spent about $54 million on improvements to the refinery.
NuStar, which is also one of the largest US asphalt
companies, has posted mixed results over the past year as high
oil prices add to some of its costs and asphalt demand has been
In October, the company said it swung to a third-quarter
loss amid inventory write-downs related to its sale of a stake
in its asphalt business.
Dow Jones Newswires