* Says imports may compete with railed-in crude on price
* Company will look at Citgo assets for possible buy
* Ohio refinery to undergo turnaround in 4Q (Adds details on crude slate)
By Kristen Hays
Aug 1 PBF Energy Inc is taking some crude by rail at its Ohio refinery via a third party, but the company may build its own offloading facility there, Chief Executive Officer Tom Nimbley told analysts on Friday.
"We are actively looking at how to effectively put in a rail unloading facility, either within the property of Toledo or very close that will be our own," he said during the company's quarterly earnings call.
PBF recently finished expanding a rail-offloading infrastructure at its Delaware refinery, which now has capacity to offload up to 210,000 barrels per day - 130,000 bpd of North Dakota Bakken and 80,000 bpd Canadian heavy crude.
Whether shipments reach those levels depends on crude pricing, Chairman Tom O'Malley noted. In the third and fourth quarters this year, PBF has "significant volumes" of Iraqi crude coming in that could shrink the company's appetite for Canadian oil if better priced, he said. The same applies to Bakken crude shipments.
"We will take in as much as we can, provided we don't see better economics on the import side," he said.
A company official said those purchases would be of Iraqi Basra crude, a type the company has bought previously, according to data from the U.S. Energy Information Administration.
Sales of Basra crude are managed by Iraq's central government and are not the subject of several ongoing disputes over tankers carrying Kurdish Shaikan crude that were exported by Iraq's autonomous region of Kurdistan. Baghdad has vowed to crack down on Kurdistan's exports.
Earlier this week PBF also denied having received any Kurdish Shaikan crude when asked about a shipment that arrived in early June on the U.S. East Coast.
The company's quarterly net income of $34.2 million was 52 percent lower than in the year-ago period because of narrower North American crude discounts to global crudes, and higher feedstock prices.
Regarding potential acquisitions, O'Malley said market chatter that Venezuela's state-owned oil company, Petroleos de Venezuela SA (PDVSA) is considering offers to buy its U.S. Citgo Petroleum assets is "certainly something we would follow up on."
Citgo owns three U.S. refineries in Louisiana, Texas and Illinois. The company also has been looking at opportunities "particularly in California" because that's where most potential acquisitions have been, O'Malley said.
"But you can assume we will follow up on absolutely everything," he said. "That's our job."
Executives also said the company will shut down the Toledo refinery for a plant wide 40-day, $130 million turnaround during the fourth quarter. (Additional reporting by Terry Wade in Houston; Editing by Jeffrey Benkoe, Chris Reese and Bernadette Baum)
REFILE-India's Infosys says reassessing long-term goals due to tougher market
Bengaluru, June 24 Infosys Ltd, India's second-biggest software services exporter, is re-evaluating its long-term targets because tougher market conditions have made them appear "daunting", the company's chairman said on Saturday.