The company is monetizing its holdings here. Financial engineering allows "the market" to place a higher valuation on these now tax-defered assets which were hidden in the company before. PBF will get fees as the General Partner and retain a % ownership of the MLP. Also, PBF will get IDR ( Incentive Distribution Rights) upon the MLP meeting certain goals. Check out the IPO Prospectus for details. All in all, I believe that this is a good thing for PBF shareholders.