Par Pacific to Suspend Purchases of Russian Crude Oil
News Release from Par Pacific Holdings, Inc., March 03, 2022
HOUSTON, March 03, 2022 -- Par Pacific Holdings, Inc. (NYSE: PARR) (“Par Pacific”) recognizes its important role in Hawaii’s energy security. We intentionally diversify our crude oil sources from locations around the globe to enable us to meet the state's ongoing demand for fuels. However, in light of recent geopolitical events, we have decided to suspend purchases of Russian crude oil for our Hawaii refinery.
The geopolitical landscape and energy markets are dynamic. We will continually monitor and evaluate our posture on Russian crude over the coming weeks and months. In the meantime, we are turning to other grades of crude, principally from North and South America, to meet fuel production requirements. As the geopolitical situation evolves, we will work closely with our customers and partners in state government to make prudent decisions in support of energy assurance for Hawaii.
About Par Pacific
Par Pacific Holdings, Inc. (NYSE: PARR), headquartered in Houston, Texas, owns and operates market-leading energy, infrastructure, and retail businesses. Par Pacific’s strategy is to acquire and develop businesses in logistically complex, niche markets. Par Pacific owns and operates one of the largest energy networks in Hawaii with 94,000 bpd of operating refining capacity, a logistics system supplying the major islands of the state and 90 retail locations. In the Pacific Northwest and the Rockies, Par Pacific owns and operates 60,000 bpd of combined refining capacity, related multimodal logistics systems, and 29 retail locations. Par Pacific also owns 46% of Laramie Energy, LLC, a natural gas production company with operations and assets concentrated in Western Colorado. More information is available at www.parpacific.com.
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