Alon Completes Paramount Acquisition

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Alon Completes Paramount Acquisition

08/08/2006
DALLAS -- Alon USA Energy has completed the purchase of Paramount Petroleum Corp. for $314 million in cash and $150 million is assumed net debt.

The announcement comes four days after the FTC has announced the completion of its investigation surrounding the acquisition between Alon and Paramount.

"We are very happy to expand our refining capacity with the acquisition of Paramount. We have added 66,000 barrels per day of heavy crude west coast refining capacity and seven asphalt terminals to our company," said Jeff Morris, Alon president and CEO.

The acquisition includes Paramount's 54,000 bpd refinery in Paramount, Calif., which has recently been upgraded to produce carb diesel and carbob gasoline, another 12,000 bpd heavy crude refinery in Portland, Ore., seven asphalt terminals and Paramount's 50 percent interest in Wright Asphalt Products Co.

Alon USA Energy, located in Dallas, Texas, independently refines and markets petroleum products. The fuel is marketed under the FINA name and is distributed to retailers, including its 200 7-Eleven and FINA stores in West Texas and New Mexico.