Sunoco, Carlyle discuss JV for refinery

By OGJ editors

Discussions have begun that might keep Sunoco Inc.’s 330,000 b/d Philadelphia refinery, considered pivotal to East Coast product supply, from closing in July.

Sunoco, which is exiting the refining business, said it has entered exclusive discussions with the Carlyle Group about a joint venture that would keep the refinery in business.

Sunoco would contribute the refinery assets in exchange for a nonoperating minority interest in the joint venture and be relieved of ongoing capital obligations related to the facility.

Carlyle, a global alternative asset manager, would contribute cash, hold majority interest, and oversee day-to-day operations of the joint venture and refinery.

Sunoco has been seeking a buyer for the refinery, its last, and said it would close the facility if one were not found by July (OGJ Online, Dec. 2, 2011).

The Energy Information Administration in February warned of market strains likely to result from the refinery’s closure, which would follow shutdowns of other refineries crucial to East Coast supply and come as requirements took effect in New York for ultralow-sulfur heating oil (OGJ Online, Feb. 28, 2012).

Related Articles

BASF-Total venture starts up 10th furnace at Port Arthur steam cracker

03/24/2014

BASF Total Petrochemicals LCC (BTP) reported the startup of a 10th furnace at its steam cracker facility in Port Arthur, Tex.

Phillips 66 considers splitter at Sweeny refinery

03/21/2014 Phillips 66 is evaluating the potential for the addition of a condensate splitter near its 247,000-b/d Sweeny refinery in Old Ocean, Tex., just sou...

Second small diesel refinery planned for North Dakota

03/21/2014 Quantum Energy Inc. (QEI), Tempe, Ariz., said it has secured land for the construction of a 20,000-b/d grassroots hydroskimming refinery in North D...

Flint Hills settles Port Arthur pollution case

03/20/2014 Flint Hills Resources (FHR) has reached a settlement with the US federal government to implement innovative technologies to control harmful air pol...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected