Feb 16 (Reuters) – PBF Energy Inc (PBF.N) posted a jump in its fourth-quarter profit on Thursday as the U.S. refiner benefited from strong demand for fuel and refined products on the back of tight global supply.
U.S. refiners last year benefited from increased exports after their European counterparts cut runs due to a surge in European natural gas prices to save costs.
The Parsippany, New Jersey-based refiner said its net income attributable to stockholders rose to $637.8 million, or $4.86 per share, in the three-month period ended Dec. 31, from $165.3 million, or $1.36 per share, in the year-ago quarter.
The company said it entered a 50-50 venture with Eni Sustainable Mobility (ENI.MI), a unit of Italy’s energy giant Eni (ENI.MI), for St. Bernard renewables project.
Eni will contribute capital totaling $835 million, excluding working capital, plus up to an additional $50 million that is subject to the achievement of project milestones, PBF said in a statement.
Reporting by Arunima Kumar in Bengaluru; Editing by Sherry Jacob-Phillips
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