A ceremony has marked the transfer of the oldest and largest refinery on the East Coast from Sunoco Inc. to a joint venture operated by a private equity firm.
The Philadelphia Inquirer (http://bit.ly/Ve1gfw ) says Sunoco chief executive Brian MacDonald handed over the Philadelphia plant’s ceremonial keys on Wednesday.
A deal between the company and The Carlyle Group last summer averted a shutdown of the 146-year-old plant, saving about 850 jobs.
Carlyle, which will be responsible for operating the facility, says it is “reimagining” the plant as a regional energy hub that will rely upon growing production of natural gas to manufacture motor fuels, electricity and chemicals.
Philip Rinaldi, chief executive of the new Philadelphia Energy Solutions, said “We’re not rescuing anything. We’re coming in here to build industries.”
Information from: The Philadelphia Inquirer, http://www.philly.com