Sunoco and Carlyle Group to Consider Refinery JV

Sunoco has signed an exclusive agreement with The Carlyle Group (New York), a private equity firm, aimed at considering a joint venture at Sunoco’s 330,000 barrels/day refinery in Philadelphia. The deal, if consummated, would involve Sunoco selling a majority stake in the Philadelphia refinery to Carlyle, but retain a minority interest in the plant. The facility would be operated by Carlyle, which would be the majority stakeholder and provide cash for day-to-day operations.   “The facility has been operating at a significant loss for some time...

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