Vinson & Elkins advised Delek US Holdings, Inc. in connection with the sale of AltAir Paramount, LLC and Delek’s Paramount, California refining and pipeline assets to an affiliate of Boston based World Energy, LLC.
Boston Based Advanced Biofuel producer, World Energy, LLC (World Energy) has closed on the purchase from Delek US Holdings, Inc. (NYSE:DK) (“Delek”) of its interests in renewable jet and diesel producer AltAir Paramount, LLC (“AltAir”), its Paramount Petroleum, LLC refinery assets, both collocated in Paramount, CA, as well an adjacent tank farm and most of Delek’s California pipeline assets.
The purchase includes a 63-acre complex consisting of a 45 million gallon per year renewable jet / renewable diesel production facility, 1.7 million barrels of product storage, a truck rack with 28 thousand barrels per day of throughput capacity, rail storage for up to 70 rail cars, and pipelines stretching over 71 miles connecting the facility to major southern California distribution hubs including Long Beach.
World Energy is one of the largest and longest serving advanced biofuel suppliers in North America. Founded in 1998, the company operates biodiesel manufacturing plants in Houston, TX, Natchez, MS, Rome, GA, Harrisburg, PA, and now Paramount, CA. The company also operates distribution hubs throughout the country.
Delek US Holdings, Inc. is a diversified downstream energy company with assets in petroleum refining, logistics, asphalt, renewable fuels and convenience store retailing. The company, led by Ezra Uzi Yemin, Kevin L Kremke and Frederec C Green, in 2017 recorded $7.267 Billion Revenues.
The V&E corporate team was led by partners Chris Collins (Picture) and Gillian Hobson with assistance from associates Jing Tong and Serena Ross. Also advising were partner Jason McIntosh and associate Liz Snyder; senior associate Matt Dobbins; counsel Scot Dixon; partner Sean Becker; senior associate Kimberley McCoy; partner Guy Gribov and associate Brittany Simington; and associates Jane Ehinmoro, Mariam Boxwala and Jordan Fossee.