ConocoPhillips is to sell its refinery in Trainer, Pennsylvania, US, along with associated pipelines and terminals.
The firm will begin the process of shutting down the facility, which has a capacity of 185,000bpd, immediately and will permanently close the plant in six months’ time if a sales transaction is unsuccessful.
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ConocoPhillips senior vice-president for refining, marketing, transportation and commercial Willie Chiang said that after exploring a wide range of alternatives for the refinery, the decision to sell is based on the level of investment required to remain competitive.
The firm expects to recognise a non-cash asset impairment of $300m after tax in its third-quarter financial results.
