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 Monday.
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 interest.
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.