PBF Energy Inc. (NYSE: PBF) announced that it will purchase the damaged ExxonMobil Torrance refinery and related assets for $537.5 million. The transaction is expected to close in the second quarter of 2016, after repairs are completed.

The 750-acre refinery has a capacity of 155,000 barrels per day, but due to damage from an explosion in February it now operates at only 20% of capacity.

In addition to refining assets, the transaction includes a number of high-quality logistics assets including a sophisticated network of crude and products pipelines, product distribution terminals and refinery crude and product storage facilities. These include a 171-mile crude gathering and transportation system which delivers San Joaquin Valley crude oil directly from the field to the refinery.

Also included in the transaction are several pipelines which provide access to sources of crude oil including the Ports of Long Beach and Los Angeles, as well as clean product outlets with a direct pipeline supplying jet fuel to the Los Angeles airport.

PBF said that, after it closes on the repaired Torrance facility, the company will have a total throughput capacity of 900,000 barrels per day.