Sunoco Inc on Monday said it has sold its Tulsa refinery to Holly Corporation for $65 million in an effort to realign its portfolio of assets and improve our competitiveness.

Under the terms of the transaction, Holly will invest in several necessary upgrades, including installation of a distillate treating system and sulfur recovery unit, to ensure the long-term viability and environmental compliance of the refinery.

The Tulsa refinery, which began production in 1913, had been a part of Sunoco's refining system since 1968. It produces 85,000 barrels-per-day.

Last year, Sunoco had said it would either sell the Tulsa refinery, or convert it to a terminal, after the company decided to forgo spending $375 million to upgrade the plant to make ultra-low-sulfur diesel.

It also posted first quarter net income of $12 million or $0.10 per share compared to net loss of $59 million o $0.50 per share in the same quarter a year ago and revenue of $6.441 billion from $12.813 billion in a year earlier.

Shares of Sunoco rose to $0.49 to 1.62% at $30.92 in the afternoon trading.