New joint venture to keep Philadelphia refinery in operation

07/09/2012
A once-doomed 330,000-b/d refinery in Philadelphia will remain in service and receive an upgrade helped financially by the government of Pennsylvania. Sunoco Inc.'s refinery will become the second Philadelphia-area refinery to be rescued from planned closure recently by innovative ownership structure, easing concern about product supply on the East Coast. Sunoco, which earlier said it would close the refinery if it couldn't find a buyer by this month, has formed a joint venture with the Carlyle Group to keep the facility in business. Sunoco will contribute the 140-year-old property in exchange for a nonoperating minority interest in the venture, Philadelphia Energy Solutions. The Carlyle ...
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