PBF sells 2 terminals for $175 million

PBF Energy recently closed on the sale of terminal assets in Philadelphia and Knoxville, Tennessee, to an undisclosed buyer in a $175 million cash transaction.

The two refined product facilities, divested through a subsidiary of PBF Logistics, include 38 storage tanks with approximately 1.9 million barrels of storage capacity and associated trucks racks.

“We are pleased to have monetized these non-core assets and, in conjunction, increased liquidity for PBF,” PBF Energy CFO Karen Davis said in a news release. “As stewards of the company's capital, we continuously review our portfolio for opportunities to maximize value for investors.”