NTR drops plan to buy Kern Oil
From Times Wire Services
NTR Acquisition Co. said it had canceled plans to purchase Bakersfield-based Kern Oil & Refining Co. for $286.5 million.
NTR, formed last year to acquire refining and other energy assets, agreed to buy the small refinery from Casey Co. in early November. No reason was given for the deal’s collapse, but profit margins at many refineries suffered earlier this year. Casey Co. will keep NTR’s $1.5-million down payment.
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