30 April 2012 17:19 [Source: ICIS news]
HOUSTON (ICIS)--US Energy Transfer Partners (ETP) will take over US refiner Sunoco’s retail gasoline business as part of an acquisition agreement, a Sunoco spokesman said on Monday.
The two companies announced on Monday that ETP will acquire Sunoco for around $5.3bn (€4.0bn).
As part of the agreement, Sunoco’s retail gasoline businesses will become part of Energy Transfer Partners, but the Sunoco branding and logos will continue to be used to sell retail gasoline.
“That’s something that Energy Transfer recognizes has value,” said Thomas Golembeski, spokesman for Sunoco.
Furthermore, Golembeski said the acquisition has no affect on Sunoco’s discussions with private equity firm The Carlyle Group about a possible joint venture involving Sunoco’s 330,000 bbl/day Philadelphia refinery.
“Sunoco is continuing the process of exiting refining business,” Golembeski said. “If that doesn’t result in a joint venture, Sunoco will proceed to idle the refinery in August.”
($1 = €0.76)
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