Independent refiner PBF Energy said it will spend more than $300 million to acquire a Louisiana oil refinery from Exxon and its Venezuelan affiliates.

Tim Nimbley, chief executive officer at PBF Energy, said the acquisition represents a "significant step" forward for his company, expanding its refining capacity by 35 percent and adding a strategically located refinery to its portfolio.

PBF in the deal takes on the entire stakes held by a joint venture between Exxon Mobil and Petroleos de Venezuela, known also as PDVSA, for $322 million. The refinery in Chalmette, La., has a processing capacity of 189,000 barrels per day and increases the total capacity for PBF, which has headquarters in New Jersey, to more than 725,000 bpd,

The Chalmette refinery can handle a variety of crude oil blends, including the type of oil imported from Venezuela, one of the largest oil exporters to the U.S. market.

The 100-year-old refinery sits on a former Louisiana plantation just outside of New Orleans. Exxon, which served as the operator, said the plant employs about 1,000 people.

Jerry Wascom, president of Exxon's refining business, said the sale is a regular part of the growth strategy for the region.

"This decision is the result of a strategic assessment of the site and how it fits with our large U.S. Gulf Coast refining portfolio," he said in a statement.