Petroplus Holdings, Blackstone Group and First Reserve will sell off Petroplus’ 33% share of their joint venture PBF Energy.
Petroplus chairman of the board of directors Thomas O’Malley said the firm decided to pull out of PBF Energy in order to focus its resources on its core European operations and improve the competitiveness of its existing asset base.
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Following the sale Petroplus will be better positioned to acquire more attractive assets by concentrating on European opportunities, O’Malley said.
Petroplus also said that PBF expects to expand at a rapid rate in the US, which would require large investments by Petroplus to keep its position as the largest owner within the partnership.
Petroplus focuses on refining and owns and operates six refineries across Europe that have a combined throughput capacity of 752,000 barrels per day.
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By GlobalData
