Continental Refining Company Purchase...

Continental Refining Company Purchases Somerset Oil Refinery; Proven...

There are 9 comments on the Ctl.ca story from Dec 14, 2011, titled Continental Refining Company Purchases Somerset Oil Refinery; Proven.... In it, Ctl.ca reports that:

Continental Refining Company is proud to announce the purchase of Somerset Oil Refinery.

Join the discussion below, or Read more at Ctl.ca.

Level 8

Since: Sep 08

Location hidden

#1 Dec 14, 2011
Need more info -
Elf

Corbin, KY

#2 Dec 14, 2011
WKYT Tv Web Page

Dozens of new jobs are coming to a southern Kentucky oil refinery, according to an announcement Wednesday from its new owner.

Officials with Continental Refining Company said Wednesday they have purchased the Somerset Oil Refinery in Pulaski County.

In a news release, company officials said they will keep all current employees at the refinery in place, while adding 40 jobs to the facility. They also say 200 other jobs will be created indirectly.

Continental Refining officials said a turnaround management team "will work to remedy past mismanagement while maximizing the significant discount to market value that helped make this purchase compelling."

Officials say the Somerset Oil Refinery will be operational by summer 2012, increasing productivity from the current "warm idle" status to 61 percent capacity by the end of 2012 and to 100 percent by the middle of 2013.

Officials say the replacement cost of the facility will be $60 million.

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usa

London, KY

#3 Dec 15, 2011
wont happen

Level 8

Since: Sep 08

Location hidden

#4 Dec 15, 2011
Sounds great , but we'll see how many actually get their jobs back -
no name

London, KY

#5 Dec 15, 2011
previous owner spent 20 million sold it for less than1 million.sounds like ol jan is blowing smoke up someones a$$.if any money is spent it will be taxpayers getting the shaft again

Level 8

Since: Sep 08

Location hidden

#6 Dec 15, 2011
And again -
ky oceanfront prop

Mount Vernon, KY

#7 Feb 17, 2012
and they are going to be a driving force in the oil industry when the old manergers were seeing red ink twenty years ago . RIGHT

Level 8

Since: Sep 08

Location hidden

#8 Feb 17, 2012
Would be nice to buy a locally produced product , that was of good quality , at a reasonable rate , not priced by a Nomad in the Arabian desert - I started buying Somerset Oil gas just before they shut down - Maybe the new guys will bring back a bit of history - Hangin' on to my Somerset Oil decals -May be worth some $$$ in the future -

“Boogie Chill'un”

Level 6

Since: Dec 08

Location hidden

#9 Feb 18, 2012
Knowitall9 wrote:
Would be nice to buy a locally produced product , that was of good quality , at a reasonable rate , not priced by a Nomad in the Arabian desert - I started buying Somerset Oil gas just before they shut down - Maybe the new guys will bring back a bit of history - Hangin' on to my Somerset Oil decals -May be worth some $$$ in the future -
I have a close friend that works there KIA......he tells me they are going to make a serious attempt at making a legitimate go of it. He's been there through it all and thinks this outfit can do it if anyone can. Nothing but good news for Somerset.

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