23 April 2012 15:15 [Source: ICIS news]
HOUSTON (ICIS)--US refiner Sunoco has started discussions with The Carlyle Group about a possible joint venture involving Sunoco’s 330,000 bbl/day Philadelphia refinery in Pennsylvania, the company said on Monday.
If the deal is completed, Sunoco would contribute the assets of the Philadelphia refinery in exchange for a non-operating minority interest in the joint venture.
In addition, Sunoco would have no on-going capital obligations with respect to the refinery, the company said.
“Carlyle would contribute cash to the joint venture, hold the majority interest and oversee day-to-day operations of the joint venture and the facility,” Sunoco said.
No other financial terms of the deal were disclosed.
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