Refiner PBF Energy Inc. will buy Chalmette Refining LLC, which is a joint venture between ExxonMobil Corp. (XOM) and Venezuela’s state-owned PDVSA, ExxonMobil said June 18. Chalmette Refining is in Chalmette, La.

The crude oil refinery and chemical production, as well as ExxonMobil’s full interest in MOEM Pipeline LLC and the 80% interests in Collins Pipeline Co. and T&M Terminal Co., are being purchased under an agreement reached by ExxonMobil and PBF.

ExxonMobil operates Chalmette Refining. Mobil Pipeline Co., an affiliate, operates the logistics infrastructure.

Change-in-control is scheduled to take place at year-end 2015, subject to regulatory approval. The commercial agreements’ details concern ownership.

“This decision is the result of a strategic assessment of the site and how it fits with our large U.S. Gulf Coast Refining portfolio,” said Jerry Wascom, president of ExxonMobil Refining & Supply Co.

“We regularly adjust our portfolio of assets through investment, restructuring, or divestment consistent with our overall global and regional business strategies,” he added.

“ExxonMobil remains committed to doing business in Louisiana through ongoing operations at the Baton Rouge refinery and chemical plants, the development and production of oil and natural gas resources, and sales of fuels and lubricants. All of these businesses are unaffected by this agreement.”

ExxonMobil Corp. is based in Irving, Texas.