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OLD GREENWICH, Conn. -- Petroleum refiner Premcor Inc., headed by former Tosco Corp. chief executive Tom O'Malley, on Wednesday announced a new fiscal strategy aimed at fueling new refinery acquisitions and paying off long-term debt.
As part of its plan, Premcor will privately sell $250 million of senior bonds maturing in 2015.
The Old Greenwich, Conn.-based refiner said it intends to use proceeds for capital expenses, including recently announced plans to expand its Port Arthur, Texas refinery. It said it also intends to use proceeds for acquisitions, working capital and general corporate purposes.
Phil Verleger, a renowned petroleum analyst and columnist for Convenience Store News estimated there are at least 12 U.S. refineries currently for sale.