Holly Corporation Selects Engineer for ULSD Project in Oklahoma

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Researched by Industrial Info Resources (Sugar Land, Texas)--Holly Corporation (NYSE:HOC) (Dallas, Texas) has selected The Benham Companies LLC (Oklahoma City, Oklahoma) to perform preliminary design for an ultra-low-sulfur diesel (ULSD) project at a newly acquired refinery in Tulsa, Oklahoma. Holly is planning to purchase Sinclair Oil Corporation's (Salt Lake City, Utah) Tulsa refinery for $128.5 million and expects to close on the sale by the end of the year. Holly is planning to tie in the newly acquired refinery with the company's existing refinery in Tulsa. Holly originally planned to construct a new 25,000-barrel-per-day (BBL/d) diesel hydrotreater at the existing refinery. The company is now in favor of utilizing and upgrading the diesel hydrotreating capacity at the Sinclair refinery. In addition, Holly plans to construct a new sulfur recovery unit at the company's current refinery to support the ULSD project.

Holly Corporation will select an engineering and construction company to perform engineering, procurement, and construction services for the project once it receives final approval to move forward. The construction is expected to commence in the summer of 2010 and is expected to take about 24 months.

Holly is an independent petroleum refiner and marketer that produces high-value light products, such as gasoline, diesel fuel and jet fuels. The company has two other refineries in Artesia, New Mexico, and Woods Cross, Utah, that process 85,000 BBL/d and 31,000 BBL/d, respectively. The Artesia refinery processes sour crude oil and produces jet fuel, gasoline and diesel refined products. The company acquired the Woods Cross refinery in June 2003 from ConocoPhillips (NYSE:COP) (Houston, Texas). The refinery processes Canadian sour crude oil and regional sweet and black wax crude. In addition, the refinery processes or blends 2,000 BBL/d of natural gasoline, gas oil and butane.

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