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The scale is hardly comparable to the refining business he ran as chief executive of Coastal, but Oscar S. Wyatt is nonetheless back as a refinery owner and operator.
Wyatt's NuCoastal and partner David Chalmers, president of BayOil (USA), are buying bankrupt Gold Line Refining at Lake Charles, Louisiana, with the intention of bringing the plant back on line and expanding its capabilities and output.
They admit the project will be challenging, but they told Oil Daily on Monday that the effort is doable in a relatively short time at very attractive economics. Wyatt confirmed that they paid $9 million for what they are calling "Pelican Refining" and will spend another $4 million to restart operations in the asphalt unit.
One of the first priorities will be construction of a 10-mile pipeline so that the refinery can receive crude supplies directly from ships...