Phillips 66 Announced Permanent Closure of Los Angeles Refinery

SEATTLE (Oil Monster): By the end of the current year, Phillips 66, an American international energy business with its headquarters in Houston, Texas, will no longer be processing conventional crude oil at its refinery in Los Angeles, California. The business thinks that the site's competitiveness and the complex market conditions will make it unviable in the long run.

Nonetheless, the business reaffirmed its dedication to helping the state of California by taking all required steps to guarantee that the state's continuing need for fuels from consumers and businesses is satisfied.

In order to assess the potential uses of its strategically located properties close to the Port of Los Angeles, Mark Lashier, chairman and CEO of Phillips 66, stated that the company is already in discussions with top land development firms, such as real estate development firms Catellus Development Corp. and Deca Companies LLC.

He continued, saying that the business guaranteed to offer all those affected by the refinery closure the support and assistance they need. By the way, the refinery has about 600 permanent employees and about 300 contract employees at the moment.

Phillips 66 pledged to increase supply levels in order to meet expectedly high consumer demands, as projected by a recent report by the California Energy Commission (CEC).