WKYT - Somerset - Headlines

Somerset Oil Refinery has new owner; more jobs to be added

Dozens of new jobs are coming to a southern Kentucky oil refinery, according to an announcement Wednesday from its new owner.

Officials with Continental Refining Company said Wednesday they have purchased the Somerset Oil Refinery in Pulaski County.

In a news release, company officials said they will keep all current employees at the refinery in place, while adding 40 jobs to the facility. They also say 200 other jobs will be created indirectly.

Continental Refining officials said a turnaround management team "will work to remedy past mismanagement while maximizing the significant discount to market value that helped make this purchase compelling."

Officials say the Somerset Oil Refinery will be operational by summer 2012, increasing productivity from the current "warm idle" status to 61 percent capacity by the end of 2012 and to 100 percent by the middle of 2013.

Officials say the replacement cost of the facility will be $60 million.


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