Tulsa Refineries to merge

Tulsa, OK – Holly Corp. to buy Sinclair refinery in Tulsa

OKLAHOMA CITY (AP) Dallas-based Holly Corp. has announced plans to buy the Sinclair Oil Corp. refinery in Tulsa.

The agreement calls for Holly to purchase Sinclair's refinery that produces about 75,000 barrels per day and its approximately 2.3 million barrels of storage in a $128.5 million deal.

Holly says in a statement the deal includes $54.5 million in cash and $74 million in Holly common stock.

The purchase would give Holly ownership of both of Tulsa's refineries. Holly completed the purchase of the Sunoco Inc. refinery in Tulsa in June.

Copyright 2009 The Associated Press.