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Crown Central Petroleum Corp., a subsidiary of Rosemore Inc., said it plans to sell its 100,000 barrel a day oil refinery in Pasadena, Texas, and is also considering the sale of its Tyler, Texas, refinery and oil storage terminals.
Crown, acquired by Rosemore in March, said it hired petroleum consultant Turner, Mason & Co. to help it market the refinery.
Prior to its acquisition by Rosemore, Crown's senior management had begun a strategic review of its business operations and assets, the company said. "As a result, Crown has concluded that it is desirable to consider the sale of its refineries and related assets," it said in a statement.
In addition to the two refineries, which can process 152,000 barrels a day of oil, Crown owns 324 gasoline stations and convenience stores and 13 oil product terminals.