Tulsa Metro Chamber President and CEO Mike Neal estimated that keeping the 366 jobs intact and investing the $150 million in upgrades will have an economic impact well above $500 million.
"That's also 726 construction jobs," he said. "That's $110 million in income."
It's also a chance to keep both of Tulsa's major refineries up to date and operating. Sinclair Oil Corp. already is in a $1 billion upgrade over several years, so longtime Sunoco observers are happy that improvements are planned upstream on the Arkansas River.
Holly's interest was an inspiration to legislators, who expanded the state's Quality Jobs Program this past session. The added incentives helped draw the new buyer while also giving Holly leeway to make a financial commitment on the environmental improvements.
"We've never seen politicians talk so little and act so much," Clifton joked. "It's a welcome change."
House Speaker Chris Benge praised others such as state Sen. Mike Mazzei, the Tulsa Republican who is chairman of that chamber's finance committee, Oklahoma Commerce Secretary Natalie Shirley and others who either worked closely with Holly Corp. or kept the incentive plan moving forward.
The refinery is in Benge's district.
"It has a long history on our side of town," said the Berryhill Republican. "The thought of it closing up was disturbing."
Few worried about that more than employees, such as Sitki. Holly did not keep 15 former Sunoco employees but plans to maintain the work force at about 366, officials said.
Now that Sitki feels more secure about his job status, he's also excited that Holly will be upgrading and replacing things for the long haul.
"A lot of our guys have not worked on new equipment in some time; some of the units were 20 to 30 years old," Sitki said. "Reliability is important, and those 1930s-era pumps do present their challenges."
Holly Corp.
Headquarters: Dallas
Tulsa investment planned: $ 15 million
Other refineries: Artesia, N.M.; Woods Cross, Utah
Refining capacity (including Tulsa): 216,000 barrels per day
Trading symbol: HOC (NYSE)
Current share price: $17.78
Rod Walton 581-8457
Originally published by ROD WALTON World Staff Writer.
(c) 2009 Tulsa World. Provided by ProQuest LLC. All rights Reserved.
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