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Vertex Energy (VTNR -4. 3%) said Friday it completed the previously announced acquisition of Shell (SHEL 0. 7%) 91K bbl/day Mobile, Alabama, refinery for a base acquisition worth $75 million plus the cost of hydrocarbon stocks and other accrued liabilities.
“The acquisition of the Mobile refinery represents a transformative moment in Vertex’s history, positioning us as a leading regional supplier of renewable and traditional products,” said Benjamin Cowart, President and CHIEF Executive Officer of Vertex.
Vertex said it plans to complete the planned conversion of the refinery’s hydrocracking unit by the end of 2022, positioning itself for the start of renewable diesel fuel production from the first quarter of 2023.
Vertex shares have fallen since the announcement on an obvious exchange to “sell the news”; the name has more than doubled since the beginning of the year.