The Carlyle Group and Sunoco have completed the formation of
Philadelphia Energy Solutions, the joint venture that will
operate the Philadelphia refinery, the companies said on
The refinery processes 330,000 bpd of
crude oil into various refined products.
Under the terms of the agreement, Carlyle holds the
controlling interest and will oversee day-to-day operations of
the joint venture and the refinery.
In exchange for contributing its refinery assets to the joint
venture, Sunoco retained a 33% non-operating minority
We are pleased to have facilitated a joint venture
with The Carlyle Group which will save existing jobs, create
new jobs, and provide additional business opportunities in
Pennsylvania, said Brian P. MacDonald, CEO of Sunoco.
The agreement was first announced in early July.