Par Pacific Successfully Closes Transaction with Island Energy Services

Source Press Release
Company Par Pacific Holdings, Inc. 
Tags Asset Deals, Deals, Refining & Marketing Activities
Date December 19, 2018

Par Pacific Holdings, Inc. (NYSE: PARR) ("Par Pacific") today announced that it has successfully closed its acquisition of certain refining assets from an affiliate of Island Energy Services ("IES"), a privately-held energy company located in Oahu, Hawaii.  On August 29, 2018, IES announced it would cease its refining operations, shifting its focus to logistics and retail operations.  Par Pacific paid $45 million for the refining assets plus additional amounts for certain hydrocarbon and non-hydrocarbon inventory."

We are pleased to welcome approximately 80 IES employees to the Par Pacific family and look forward to working with them on a successful integration," said William Pate, President and CEO, Par Pacific. "As the owner and operator of Hawaii's largest refinery, we recognize our important role in meeting the island demand for essential petroleum products. Par Pacific is proud to assist in supplying Hawaii's energy needs and supporting the state's transition to its clean energy goals."

The acquired refining assets are located near Par Pacific's current Kapolei refinery and will be utilized by Par Pacific to supplement its existing operations as well as to supply product to IES so that IES may fulfill its contractual obligations with Hawaiian Electric Company and its affiliates and the Kauai Island Utility Cooperative. As part of the transaction, Par Pacific has entered into a long-term agreement with IES to utilize IES' retained logistics assets for the storage and throughput of crude oil and refined products necessary for the operation of the acquired refining assets.

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd