02 November 2011 22:40 [Source: ICIS news]
HOUSTON (ICIS)--Sunoco closed on the $106.5m (€77.7m) sale of its phenol plant to Haverhill Chemicals, a subsidiary of Goradia Capital, the US-based fuel retailer said on Wednesday.
The Haverhill purchase will add to Goradia's chemical holdings. The company also owns Vinmar International, a polymer and petrochemical marketer.
The Haverhill sale comes as Sunoco is exiting both the chemical and refining business.
Earlier this year, Sunoco agreed to sell to Honeywell its 1bn lb/year (450,00 tonne/year) phenol and acetone plant in Philadelphia for about $85m.
In April, Sunoco closed on the $350m sale of its polypropylene (PP) business to Braskem.
Sunoco has also begun the process of selling its 335,000 bbl/day Philadelphia and 178,000 bbl/day Marcus Hook refineries in Pennsylvania.
If completed, the sales will make Sunoco mainly a fuel retailer and logistics company.
($1 = €0.73)
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