Calumet Specialty Products Partners has finalised the sale of its San Antonio, Texas refinery including a crude oil terminal and pipeline to Starlight Relativity Acquisition Company for $63 million.
Tim Go, CEO of Calumet, says: 'The divestment of the San Antonio refinery represents another step forward in Calumet's strategic transformation. This transaction further de-levers Calumet's balance sheet, reduces earning volatility by lowering our exposure to fuels refining, and allows the partnership to focus its time and capital more intently on our higher-return core specialty products business.
'I want to thank our employees at San Antonio for their continued hard work and dedication, particularly this past year where they have delivered significant improvement to both our operational and financial performance. These step-change improvements made this transaction a win for our employees, Calumet, Starlight and the community, and we are pleased to see that the San Antonio refinery and its employees have found a new home for the long-term.'