PBF Energy, one of the largest independent refiners in North America, has completed the sale of five steam methane reformer hydrogen production plants to Air Products for a total consideration of $530 million.
As part of the deal, PBF Energy has entered into long-term supply agreements with Air Products at its refineries in Martinez, Calif.; Torrance, Calif.; and Delaware City, Del.
The buyer, Air Products, supplies hydrogen to refineries to make cleaner burning transportation fuels. According to PBF Energy, hydrogen is widely used in petroleum refining processes to remove impurities found in crude oil. Removing these components allows gasoline and diesel to burn cleaner, making hydrogen a critical component in the production of cleaner fuels needed by modern, efficient internal combustion engines.
The transaction closed less than a month after the letter of intent was signed on March 30.
