PBF Energy Inc said it would buy Exxon Mobil Corp’s refinery in Torrance, California and restore it to full working order before the deal closes in the second quarter of 2016.

The USD 537.5 million purchase of the refinery and related logistics assets will help PBF Energy increase its throughput capacity to about 900,000 barrels per day, the refiner said in a statement, according to Reuters.

The 149,500 barrels-per-day refinery has been shut since a Feb. 18 explosion that destroyed equipment critical to controlling emissions from a gasoline-making fluid catalytic cracking unit.

Investigators told CBS Evening News that the ExxonMobil Torrance refinery explosion that rocked the city in February was almost a catastrophic event because of a potential threat to hydrofluoric acid containers.

In the CBS News report, U.S. Chemical Board chief Vanessa Sutherland told correspondent Anna Werner that an 80,000-pound piece of equipment flew nearly 100 feet in the blast.

“A photo submitted to federal investigators and obtained by CBS News shows that piece landed just a few feet from a tank containing a form of hydrofluoric acid,” a press release said.