PBF Energy expects crude-by-rail to be long-term trend
HOUSTON Feb 21 (Reuters) - PBF Energy Inc expects crude-by-rail to be a "very, very long term trend," particularly movement of heavy Canadian crude. Chairman Tom O'Malley told analysts on Thursday.
"That is something that is, you know, around for the next decade," O'Malley said.
The company, which runs three U.S. refineries - two on the East Coast and one in Ohio - also is positioning itself to discharge crude and condensate produced in Ohio's Utica shale oil play, via rail and truck when the output becomes available, Chief Executive Tom Nimbley said.
Some analysts have questioned growing investments in crude by rail, as numerous pipeline projects seek to move inland U.S. and Canadian crude production to refining markets.