Somerset Oil, one of only two oil refineries in the commonwealth, has been sold to a New York businessman for $2.2 million.
Michael Grunberg, the managing principal member of Grunberg Realty, purchased the refinery at auction after the previous owners encountered financial problems and filed for bankruptcy protection.
Included in the acquisition were 105 acres on which the refinery sits, two office lots, 12 gas stations, 88 gas trucks and other vehicles, and pipeline easement across six counties.
The refinery can process an average of 5,500 barrels of oil per day.
According to local reports, the refinery will be operating within the next four to five months and will eventually employ around 100 people.