Santa Fe Springs : Powerine Oil Refinery Sold to Pennsylvania Company
The Powerine Oil Co. refinery in Santa Fe Springs has been sold to a Pennsylvania-based company.
Representatives of Sargeant Holdings, which owns Powerine, finalized the deal to sell the refinery to Castle Energy Corp. last week for an undisclosed sum, Powerine’s administration director Bob Turner said.
Under the agreement, the change in ownership became effective Oct. 1.
Powerine processes about 49,000 barrels of crude oil a day and employs 375 workers. Powerine officials said they expect no changes in the refinery’s work force or in the refinery’s production levels.
Sargeant Holdings purchased Powerine in 1986, two years after businessman Harry Rothschild closed the refinery after bankruptcy proceedings. The refinery reopened in 1987.
Castle Energy Corp. owns a refinery in Illinois and pipelines in Texas.
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