Par Pacific Holdings has completed the acquisition of US Oil & Refining for $358 million.
The acquisition includes a 42,000 barrel per day refinery, marine terminal, a unit train-capable rail loading terminal and 2.9 million barrels of refined product and crude oil storage.
The refinery and associated logistics system serve the Pacific Northwest market.
William Pate, president and CEO of Par Pacific, says: ‘We are pleased to close the US Oil transaction, which balances our Pacific and mainland market exposure. We expect the transaction to be immediately accretive to our 2019 earnings and cash flow.