Lion Oil Assets Sold
by March 20, 2011 7:00 pm 123 views
Delek US Holdings, Inc. has acquired a greater stake in El Dorado-based Lion Oil Co.
Delek is buying a 34.6% stake in Lion Oil from Ergon, Inc. The move adds to Delek’s 53.7% equity interest in Lion Oil and will effectively give it 88% control.
Terms of the deal were not disclosed.
Upon the closing of the transaction during the second quarter 2011, Lion will retain the refinery and its terminal operations, as well as the following subsidiaries: Lion Oil Trading & Transportation, Inc., Magnolia Pipeline Company, El Dorado Pipeline Company, and J. Christy Construction Co., Inc.
Lion Oil’s refinery has a throughput capacity of approximately 80,000 barrels of sour crude oil and feedstocks per day and is the largest independent refiner of high-sulfur crude oil in its primary market areas of Arkansas, Tennessee, Missouri, Mississippi and northern Louisiana.
“Lion is a company built through the commitments of exceptional employees. Lion’s success can be directly attributed to the innovation, professionalism and dedication of its employees and investors. We look forward to Delek continuing Lion’s long history of successful crude oil refining in El Dorado," said Lion Oil’s President Lee Lampton.