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The Port Reading, N.J., refinery, which will be closed by the end of February, includes a fluid catalytic cracking unit and mainly makes gasoline and components used for blending heating oil. The closure will affect about 170 jobs at the refinery, which currently employs 217 people. The remaining employees will continue to work at the complex's oil storage terminal, Hess said. The refinery incurred losses in two of the past three years and its financial outlook is expected to remain challenged as a result of new environmental regulations and a weak forecast for gasoline refining profitability, Hess said. Hess' St. Lucia oil storage terminal in the Caribbean with 10 million barrels of capacity is also being put up for sale. In addition to generating proceeds, the sale of the terminal network is expected to free up about $1 billion in working capital, the company said. Hess shares rose $3.58, or 6.1 percent, to close at $62.48 Monday after peaking at $63.76 earlier. Over the past 52 weeks, the company's shares have traded between $39.67 and $67.86.
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