Sunoco and Carlyle Form Philadelphia Refinery JV

Private equity firm The Carlyle Group (New York) and Sunoco say they have agreed to form a joint venture called Philadelphia Energy Solutions that will enable a Philadelphia-area refinery to continue operating. The refinery—the oldest continuously operating one on the East Coast—processes 330,000 barrels of oil per day (boepd) into various refined products and was scheduled for shut down in August. The transaction is expected to close in the third quarter of 2012. Financial terms were not disclosed.   Under the terms of the agreement, Sunoco will...

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