Out of all these refinery partnerships I do like NTI the best. I suspect they are doing very well taking oil from trucks which could not unload on a pipe or a train at a reasonable price. Location, location, location.
BUt there is also more than enough fuel insanity in a Progressive state.
Ethanol Blend Mandate
All gasoline sold or offered for sale in Minnesota must contain at least 10% ethanol (E10), or the maximum percent of denatured ethanol the U.S. Environmental Protection Agency (EPA) allows in all vehicles regardless of model year. Gasoline-ethanol blends must comply with ASTM specification D4814-08b. Effective August 30, 2015, all gasoline sold or offered for sale in the state must contain at least 20% ethanol (E20), unless, by December 31, 2014, ethanol has already replaced 20% of all motor vehicle fuel sold in the state, or EPA has not granted approval for the use of E20 in all vehicles regardless of model year. Certain exemptions apply. (Reference House File 2398, 2012, and Minnesota Statutes 239.761 and 239.791)
Minnesota is a completely protected market due to Progressive delusions/corruption. Only two refineries and a localized product blocking competition. Minnesota voters seem to just accept price spikes just like ethanol does anything to improve their air quality.
I really cannot estimate what the normal cycle earning power is as this is simply not a competitive market. As long as all this environmental politico delusion continues and so the risks pays off, very handsomely.
I think you have the best one given all the input and export possibilities as well as a captive market thanks to Progressive delusion and corruption. The retail gas station network should be profitable too but I always walk retail to get a feel for how well it is run.