Williams to sell US refineries
20 Jun 2002
Williams plans to sell its Memphis and Alaska refineries and related petroleum assets. The company estimates that the businesses will be sold by the end of this year for more than $1 billion.
Williams made the announcement in response to increasing industry interest in its refining assets in light of the company's previous announcements that it plans to sell approximately $3 billion in assets. Asset sales are a part of an overall plan designed to create a net $8 billion improvement in the company's finances in the next year.
In Alaska, Williams plans to offer for sale its Alaska refinery, two associated petroleum products terminals, 29 convenience stores, its 3% stake of the Trans Alaska Pipeline System, and its Anchorage CargoPort ownership.
In Memphis, Williams intends to offer for sale its refinery and the associated West Memphis, AR terminal, the pipeline connecting the refinery to the terminal and the Collierville, TN crude terminal.
Williams has retained Lehman Brothers as an advisor to assist in the sale process, which it expects to begin immediately.
