USA: Western Refining completes merger of Northern Tier Energy
Oil refiner Western Refining has completed the acquisition of Northern Tier Energy in a deal worth $1.6 billion.
Northern Tier is a downstream energy company that operates 169 SuperAmerica convenience stores and a 97,800 barrels per stream day refinery located in St. Paul Park, Minnesota
“We are excited about the opportunities this merger provides Western. It results in a company with three of the best performing refineries on a gross margin per barrel basis. Our geographic mix gives us significant diversity both in terms of crude oil basin access and product distribution areas, and also results in a more simplified corporate structure,” said Jeff Stevens, CEO of Western Refining.
Approximately 96% of the Northern Tier unitholders voted at the special meeting in favour of the approval of the merger agreement.
El Paso-based Western Refining operates refineries and service stations in Arizona, Colorado, Minnesota, New Mexico, Texas and Wisconsin.
