US Sunoco, Carlyle discuss Philadelphia refinery JV

23 April 2012 15:15  [Source: ICIS news]

US Sunoco begins discussions for a JV involving refineryHOUSTON (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.

By: Bobbie Clark
+1 713 525 2653

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