PARSIPPANY, N.J., April 20, 2020 /PRNewswire/ -- PBF Energy
Inc. (NYSE: PBF) today announced it has completed, and received the
$530 million consideration for, the
sale of five steam methane reformer (SMR) hydrogen production
plants to Air Products (NYSE: APD). PBF Energy has entered
into long-term supply agreements with Air Products at the Martinez,
Torrance and Delaware City refineries.
"PBF Energy is pleased to have worked cooperatively with Air
Products, a global leader in the supply of hydrogen to refineries,
to complete this transaction and expand the long-term relationship
between our two companies," said PBF's Chairman and Chief Executive
Officer Tom Nimbley.
Air Products is known as a leader in the supply of hydrogen to
refineries in order to make cleaner burning transportation fuels.
Hydrogen is widely used in petroleum refining processes to remove
impurities found in crude oil such as sulphur, olefins and
aromatics to meet product fuels specifications. Removing these
components allows gasoline and diesel to burn cleaner and thus
makes hydrogen a critical component in the production of cleaner
fuels needed by modern, efficient internal combustion engines.
Forward-Looking Statements
Statements in this press release relating to future plans,
results, performance, expectations, achievements and the like are
considered "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements include, without limitation, the
company's plans, objectives, expectations and intentions with
respect to future earnings and operations. These forward-looking
statements involve known and unknown risks, uncertainties and other
factors, many of which may be beyond the company's control, that
may cause actual results to differ materially from any future
results, performance or achievements expressed or implied by the
forward-looking statements. Factors and uncertainties that may
cause actual results to differ include but are not limited to the
risks disclosed in the company's filings with the SEC. All
forward-looking statements speak only as of the date hereof. The
company undertakes no obligation to revise or update any
forward-looking statements except as may be required by applicable
law.
About PBF Energy Inc.
PBF Energy Inc. (NYSE: PBF) is one of the largest independent
refiners in North America,
operating, through its subsidiaries, oil refineries and related
facilities in California,
Delaware, Louisiana, New
Jersey and Ohio. Our
mission is to operate our facilities in a safe, reliable and
environmentally responsible manner, provide employees with a safe
and rewarding workplace, become a positive influence in the
communities where we do business, and provide superior returns to
our investors.
PBF Energy Inc. also currently indirectly owns the general
partner and approximately 48% of the limited partnership interest
of PBF Logistics LP (NYSE: PBFX).
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SOURCE PBF Energy Inc.