LOS ANGELES — Oil company Phillips 66 announced Wednesday that it plans to shut down a Los Angeles-area refinery by the end of 2025, citing market concerns.
The refinery accounts for about 8% of California’s refining capacity, according to the state’s Energy Commission. The company said it will remain operating in the state.
“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 the future use of our unique and strategically located properties near the Port of Los Angeles,” CEO Mark Lashier said in a statement. “Phillips 66 remains committed to serving California and will continue to take the necessary steps to meet our commercial and customer demands.”
The closure will impact 600 employees and 300 contractors who help operate the refinery, the company said in a news release. The refinery consists of two facilities that were built …