Petroplus group seeks U.S. refineries within 18 months

SAN DIEGO (Reuters) - Petroplus (PPHN.VX: Quote, Profile, Research) Chairman Tom O'Malley said on Wednesday he hopes his company and its partners can acquire U.S. refineries within the next year-and-a-half at prices below recent deals.

The Swiss-based European refining company announced last month it had set up a $2 billion partnership with private equity firms Blackstone Group (BX.N: Quote, Profile, Research) and First Reserve to pursue acquisitions of U.S. refineries.

O'Malley ID:nN12603669, speaking to reporters at the Hart World Refining & Fuels conference, said he saw value in U.S. refineries even if oil prices remain at $100 a barrel.

"If you don't want to buy a refinery when oil is $100, you may not buy a refinery ever," he said.

He declined to say whether the group was interested in buying any of the Valero Energy Corp. (VLO.N: Quote, Profile, Research) refineries currently up for sale.

Top U.S. refining company Valero said on Tuesday it is considering selling nearly a third of its North American refineries amid a downturn in the sector, and that it is exploring new projects in the Middle East and Asia. ID:nN11613957

Profit margins at U.S. refineries have been hard-hit in recent months by surging costs for crude oil, labor and materials, as well as softness in fuel demand due to an economic slowdown.

(Reporting by Bernie Woodall and Rebekah Kebede; Editing by Christian Wiessner)