Delek US sells California refining, pipeline assets

Delek US Holdings Inc. has signed and closed the sale of AltAir Paramount LLC and Delek’s Paramount, California, refining and pipeline assets to an affiliate of Boston-based World Energy LLC.

The sale includes all of Delek’s membership interests in AltAir Paramount, which operates a 3,000-barrel-per-day renewable diesel/renewable jet fuel facility; Delek’s idled Paramount refinery; and associated pipelines and storage tanks.

Based on Delek’s ownership interest in AltAir Paramount, the transaction is expected to result in proceeds to Delek of approximately $72 million. That number takes into consideration estimated working capital, Delek US’ portion of the biodiesel tax credit for 2017 and deal costs.

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