PBF Energy Closes $530 Million Sale of Operating Hydrogen Plants
New York and Houston – Paul Hastings LLP, a leading global law firm, represented PBF Energy, Inc., one of the largest independent refiners in North America, in connection with the $530 million sale of five steam methane reformer (SMR) hydrogen production plants to Air Products.
PBF Energy has entered into long-term supply agreements with Air Products at the Martinez, Torrance and Delaware City refineries. Hydrogen is widely used in petroleum refining processes to remove impurities found in crude oil such as sulphur, olefins and aromatics to meet product fuels specifications.
The transaction closed on April 20, 2020, less than a month after the letter of intent was signed on March 30, 2020.
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