Chevron Reinstates Sale of Port Arthur Refinery : Energy: The deal calls for Clark Refining to buy the operation for an estimated $199 million.

Chevron Corp. has reinstated its estimated $199-million agreement to sell its Port Arthur, Tex., fuels refinery to Clark Refining & Marketing Inc.

Chevron said Saturday that the agreement now calls for completion of the sale by Feb. 27. Last month, Chevron ended an agreement to sell the refinery after Clark, a unit of Toronto-based Horsham Corp., was unable to obtain financing for the deal.

Chevron’s 1994 fourth-quarter earnings included charges to cover the refinery’s closure, but the company said the charges would be reversed and that its 1994 earnings would be adjusted to reflect the sale if it is completed.

A source close to the negotiations said San Francisco-based Chevron had received inquiries from other potential bidders for the 185,000 barrel-a-day refinery.

On Jan. 24, Chevron took a first step toward shutting down the refinery by posting a $45-million charge against its fourth-quarter earnings to clean up the site. The company also set aside an additional $98 million to dismantle the refinery and pay severance costs for the 1,200 workers there.

The fate of the Port Arthur refinery has been up in the air since 1984, when Chevron acquired it. At the time, Chevron said the refinery did not fit into its long-term plans.