Vic Kolenc

El Paso-based oil refiner Western Refining plans to go forward with a public stock offering for its recently formed pipeline and storage subsidiary, Western Refining Logistics, the company announced Wednesday.

The company has set a price range of $19 to $21 per share for the offering on the New York Stock Exchange under the symbol, WNRL, show a report it filed Wednesday with federal regulators. Published reports indicate the offering will hit the market next week.

The subsidiary plans to sell 12.5 million shares, which means it would bring in $237.5 million to almost $263 million at the expected price range. It also has given a 30-day option to the offering's underwriters to buy 1.87 million more shares at the initial offering price.

The subsidiary will operate, develop, and acquire terminals, storage tanks, pipelines and other logistic assets. Most of the money from the stock offering is to go to buy assets from the parent Western Refining.