Energy giant Phillips 66 has hired two development powerhouses to envision what could be built on Los Angeles land in once its oil refinery is closed.

Phillips 66 plans to close its refinery near the Port of Los Angeles in late 2025. The company’s announcement Wednesday follows Gov. Gavin Newsom’s signature of legislation implementing new oil controls.

Phillips 66 announced it will shutter its Los Angeles-area refinery by the end of 2025, just days after the California governor signed a new law tightening restrictions on oil and gas companies. The refinery accounts for about 8 percent of the refining capacity in the state and employs approximately 600 workers and 300 contractors in the 650-acre facilities.