Sunoco, Carlyle Group consider Philadelphia refinery JV

Sunoco, Carlyle Group to consider Philadelphia refinery JV

7:16 AM, 24th April 2012
Sunoco, Carlyle Group to consider Philadelphia refinery JV

PHILADELPHIA, US: Sunoco Inc has entered into exclusive discussions with Carlyle Group regarding a potential joint venture involving Sunoco’s 330,000 barrel-per-day refinery in Philadelphia. If a transaction were to be consummated, Sunoco would contribute its Philadelphia refinery assets in exchange for a non-operating minority interest in the joint venture. In addition, Sunoco would have no on-going capital obligations with respect to the refinery.

Carlyle would contribute cash to the joint venture, hold the majority interest and oversee day-to-day operations of the joint venture and the facility. No other financial terms of the potential transaction were disclosed and there can be no assurances that the two companies will come to agreement.

“We are working actively with Sunoco and other stakeholders to explore ways to keep this vital facility operating. The facility has been operating at a significant loss for some time, and we are exploring every avenue to create a viable plan. It is a heavy lift and we are not sure a solution is possible, but we are doing the work,” said Rodney S Cohen, Managing Director, Carlyle Group.

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