Sunoco and Carlyle Group to Consider Refinery JV

Sunoco has signed an exclusive agreement with The Carlyle Group (New York), a private equity firm, relating to a potential joint venture at Sunoco’s 330,000 bbls/day refinery in Philadelphia. The deal would involve Sunoco selling a majority stake in the Philadelphia refinery to Carlyle, but retaining a minority interest in the plant. The facility would be operated by Carlyle, which would be the majority stakeholder and provide cash for operations. “The facility has been operating at a significant loss for some time, and we are exploring every avenue...

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