US Sunoco sees hope for Penn refinery sale, none for Marcus Hook

02 February 2012 22:15  [Source: ICIS news]

HOUSTON (ICIS)--Sunoco said on Thursday its Philadelphia refinery could continue operating under a new owner, but sees no chance of its Marcus Hook refinery in Pennsylvania being purchased and restarted.

Sunoco wants to sell both refineries as part of its transition to a fuel logistics and retail business.

It permanently shut down the 178,000 bbl/day Marcus Hook refinery in December because of a weakened fuel market.

Sunoco also plans to permanently shut down the main processing units of its 335,000 bbl/day Philadelphia by July unless it finds a buyer.

“At this time, the company has received some degree of interest in its Philadelphia refinery and will continue to pursue a sale of that facility as an operating refinery,” Sunoco said in a statement listing its strategic initiatives.

However, the company said it “has not received a single proposal for the purchase of Marcus Hook as an operating refinery, but is continuing to pursue alternatives for the facility. At this time, Sunoco does not believe that Marcus Hook will be purchased and re-started as an operating refinery”.

Sunoco said it had initiated contact with more than 150 potential buyers, including national oil companies, integrated oil companies, independent refiners, pipeline companies and private equity groups.

“The potential buyers we have spoken to have considered a range of options, including operating the refineries [or only one refinery], operating specific units within the refineries, or using the facilities for their storage and logistical capabilities,” the company said.

By: Brian Ford
+1 713 525 2653

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