Phillips 66 announced plans to shut down its Los Angeles-area refinery by the end of 2025, accounting for about 8% of California's refining capacity, due to market concerns.
CEO Mark Lashier stated, 'With the long-term sustainability of our Los Angeles Refinery uncertain and affected by market dynamics, we are working with leading land development firms to evaluate future use of our strategically located properties near the port.'
The closure will impact 600 employees and 300 contractors at the refinery, emphasizing the significant workforce involved in its operations and the local economy's reliance on the facility.
Although the closure follows the signing of a new law by Governor Newsom aimed at controlling gas prices, Phillips 66 clarified that their decision was not related to this law.
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