02 July 2012 14:51 [Source: ICIS news]
HOUSTON (ICIS)--Global alternative asset manager The Carlyle Group and refiner Sunoco will form a joint venture to allow a Philadelphia refinery to continue operations, the two companies said on Monday.
The 330,000 bbl/day refinery, the oldest on the US east coast, had been scheduled for shutdown in August due to poor economics.
The joint venture, Philadelphia Energy Solutions, is expected to save 850 jobs, secure the region’s fuel supply by continuing the daily flow of 10m gal of fuels and create 100-200 new, permanent jobs, as well as thousands of construction jobs, the companies said in a joint statement.
Sunoco will contribute its Philadelphia refinery assets to the joint venture in exchange for a non-operating minority interest.
The Carlyle Group will fund future capital projects, facility upgrades and enhance the refinery’s working capital.
Carlyle will hold the majority interest, and oversee day-to-day operations of the joint venture and the refinery.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|