NEWSMAKER-Refining guru O'Malley eyeing U.S. plants

By Janet McGurty

NEW YORK, March 12 (Reuters) - International refining icon Tom O'Malley wants to buy some U.S. refineries -- the kind of move he has turned into big money in the past.

Currently the chairman of Zug, Switzerland-based refiner Petroplus (PPHN.VX: Quote, Profile, Research), O'Malley had a colorful past as cab driver and commodities trader before earning himself a reputation on Wall Street for his Midas touch in the refining business.

Now, with a growing number of U.S. refineries up for sale in the midst of a downturn in the sector, he seems to be preparing to turn more plants into gold.

Petroplus reached a $2 billion deal last month with private equity firms Blackstone Group (BX.N: Quote, Profile, Research) and First Reserve to buy some U.S. plants, raising speculation in the energy industry that it could be a bidder for refineries currently owned by top U.S. refiner Valero (VLO.N: Quote, Profile, Research).

O'Malley, speaking to reporters at the Hart World Refining & Fuels conference in San Diego on Wednesday, said he hopes he and his partners can acquire U.S. refineries within the next year-and-a-half at prices below recent deals.

He declined to say whether the group was interested in buying Valero refineries currently up for sale.

San Antonio-based Valero said Tuesday it was considering selling five of its plants in North America, accounting for nearly 30 percent of its portfolio, and could offload three of them by the end of this year. [ID:nN11613957]

REFINING GURU