Blackhole

Can Blackstone make money on refineries again? The buyout shop is teaming up with Petroplus and First Reserve to spend $2bn buying refining assets in the US. Like prime beachfront property, the geographic limits to building refineries can make them valuable. And Blackstone made money in refineries after it bought Premcor in 1997. But today’s market is different – for both refiners and private equity. Its past success may be tough to duplicate. When Blackstone invested in Premcor, refinery margi...