Chevron has agreed to sell its Hawaii refinery to a New York-based private equity firm for an undisclosed amount.
One Rock Capital Partners said Tuesday that it has agreed to purchase the refinery along with other downstream and retail assets.
Chevron has not disclosed details about the sale but industry estimates seen by Reuters pegged the value of the refinery at between $75 million to $300 million.
One Rock Capital said it agreed to buy “certain refining, distribution and retail assets located in Hawaii, including the 58,000 barrel-per-day refinery in Kapolei, Chevron’s interests in a network of 58 retail service stations, four product distribution terminals on Oahu, Maui, Kauai and Hawaii Island, pipeline distribution systems and other related downstream assets statewide.”
The agreement is subject to customary regulatory approvals and is expected to be completed during the second half of 2016.
“The entire One Rock team is excited to be able to provide operating expertise to such a vital component of the Hawaii energy landscape, as these assets deliver important refined petroleum products to the Islands’ utilities, airlines, and motorists,” One Rock Managing Partner R. Scott Spielvogel said.
In February, Chevron earned $6 billion in proceeds from asset sales in 2015 and has said it has planned further sales for 2016 to 2017.