Subject: More about PBF Energy, the expected buyer of Valero's Delaware City Refinery
From: "Eric Schwerin" <[email-masked]>
To: "Hunter Biden" <[email-masked]>, "Devon Archer" <[email-masked]>
Date: Thu, 8 Apr 2010 23:06:00 -0400

More about PBF
Energy, the expected
buyer of Valero's
Delaware City
Refinery

By JEFF MONTGOMERY • The News Journal •
April 8, 2010

PBF Energy, the expected buyer of Valero's refinery
near Delaware City, is a joint venture of Switzerland-
based Petroplus and two investment companies: the
Blackstone Group and First Reserve.

O'Malley, PBF's president and former chief of
Petroplus, was Premcor's chief in 2004, when that
company purchased the Delaware plant and three
other refineries from Motiva Enterprises.

He was an early leader in the emergence of large,
independent refiners that operate without their own
crude oil sources, buying crude oil instead from
global crude markets.

An earlier O'Malley company, Tosco, owned the
refinery now operated by Conoco-Philips in Trainer,
Pa., north of Marcus Hook.

O'Malley's reputation as a tough businessman was
sharpened in Trainer when he shut down the plant,
reopening only after union agreements on job cuts

PBF was formed in 2008 with a $2 billion war chest
earmarked for refinery purchases in North America.

Analysts said the venture was driven partly by
energy use changes in Europe, where diesel fuels
are favored and producers are seeking more buyers
for gasoline.

First Reserve, one of PBF's joint venture partners,
also is an 80 percent owner of the Bahamas Oil
Refining Co., which operates a huge storage tank
terminal in Freeport.

Earlier this year, First Reserve officials confirmed
plans to step up Freeport's use in shipping finished
gasoline and other refined products.

-- 
Eric D. Schwerin
Rosemont Seneca Partners
(202) 333-1880
[email-masked]