Sunoco shuts refinery, sells PP business
Sunoco Inc. has made permanent its closure of the 150,000-b/d Eagle Point refinery at Westville, NJ, and is selling its polypropylene business to Braskem SA.
By OGJ editors
HOUSTON, Feb. 1 -- Sunoco Inc. has made permanent its closure of the 150,000-b/d Eagle Point refinery at Westville, NJ, and is selling its polypropylene business to Braskem SA.
The company idled the refinery, which is interconnected with its refineries at Philadelphia and Marcus Hook, Pa., last November (OGJ Online, Oct. 6, 2009).
It said it has permanently shut down the refinery, citing “continuing weak demand for refined products and unfavorable market conditions.”
Product storage and handling operations will continue at Eagle Point. Sunoco is considering options for the site, including biofuels production.
The company said it expects to report a loss for the first quarter of 2010 of $185-195 million.
Braskem, Sao Paulo, Brazil, will pay $350 million cash for Sunoco’s PP plants in Marcus Hook; La Porte, Tex.; and Neal, W.Va. The plants can produce a combined 2.1 billion lb/year of the polymer.
Braskem also will acquire Sunoco’s Research and Technology Center in Pittsburgh.