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Sunoco to set up JV refinery with Carlyle Group LP

April 24/2012

(Reuters) - Sunoco Inc announced exclusive talks with private equity firm Carlyle Group LP on a potential joint venture to run the biggest refinery on the U.S. East Coast, saying it would delay a planned closure of the Philadelphia plant by a month.

The talks with Carlyle  could save the 330,000 barrel-per-day refinery from permanent closure, easing concerns that the East Coast may face a fuel shortage this summer after several major plants were shuttered.

Oil markets are closely watching to see if Sunoco finds a buyer for the plant, one of three refineries on the East Coast threatened with closure due to weak profits. It first put the plant up for sale in late 2011, but has failed to find much interest from traditional energy firms.
Author:Anna Larionova
Tags:oil, neftehimiya, Sunoco.
Category:General News
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