Phillips 66, one of the largest independent oil refining companies in the US by market capitalization, has announced the closure of its Los Angeles refinery at the end of 2025.
Report informs citing Interfax that, according to the American company's statement, this refinery, built more than a hundred years ago, accounts for 8% of all oil refining capacity in California.
The closure will affect about 600 company employees and 300 contractors working at the facility.
The decision to cease operations at the refinery is due to market uncertainty, the press release states.