Phillips 66 Co. said it is "considering" selling its refinery in Woods Cross as well as related product terminals and marketing properties.
"A number of parties have expressed an interest in purchasing our Salt Lake City area business," said Charlie Bowerman, senior vice president for petroleum products at Phillips Bartlesville, Okla., headquarters."We feel an appropriate response in this instance is to attempt to determine a true market value for the business, which is profitable and has good growth potential."
Bowerman said the company will consider offers through October. If it hasn't received what it believes to be an offer reflecting fair market value, "we'll keep it and maintain it as a first-class operation."
The Woods Cross operation employs 129. The terminals and service stations employ another 118.
He said the company has no plans to sell any of its other refining or marketing properties. First Boston Corp. has been retained to advise the company on the possible sale.
The Woods Cross refinery has a capacity to process 25,000 barrels of crude oil a day, 8 percent of the company's national refining capacity. One of three Phillips refineries in the United States, it serves markets in Utah, Idaho, Wyoming, Nevada and Oregon.
Associated assets include the Woods Cross truck-loading rack, two product terminals in Boise and Burley, Idaho, both 50 percent owned by Phillips, and the company's 12 retail outlets in the Salt Lake area.
The Woods Cross refinery was acquired by Phillips in 1948 as part of Wasatch Oil Co.