According to StreetInsider, based on Delek’s ownership interest in AltAir Paramount, the transaction should result in expected proceeds to Delek of approximately $72 million.
The purchase includes a 63-acre complex consisting of a 45 million gallon per year renewable jet / renewable diesel production facility, 1.7 million barrels of product storage, a truck rack with 28 thousand barrels per day of throughput capacity, rail storage for up to 70 rail cars, and pipelines stretching over 71 miles connecting the facility to major southern California distribution hubs including Long Beach.
“This acquisition places us in the heart of the growing California cleaner fuels market by adding to our platform the world’s first renewable jet refinery and one of only three US renewable diesel plants,” said Gene Gebolys, World Energy’s CEO.
“Supported by the frameworks of the national Renewable Fuel Standard and California’s Low Carbon Fuels Standard programs, AltAir converted a struggling petroleum refinery to one of the country’s most important renewable fuel refineries, while preserving and converting approximately 100 jobs to the green economy,” said Bryan Sherbacow, AltAir co-founder. “I am proud to have led the development of AltAir, excited to have facilitated this transaction with World Energy and am thrilled to join the company’s executive leadership team to make an even bigger impact in California, North America and beyond.”
