Sunoco Inc., and The Carlyle Group,
L.P., have completed the formation of
Philadelphia Energy Solutions, a joint venture
(JV) that will operate the Philadelphia refinery. The refinery processes 330,000 bpd of
crude oil into various refined products.
Under JV agreement terms, The Carlyle Group will hold the
controlling interest and will oversee the refinery and the JVs
day-to-day operations. In exchange for contributing its refinery assets to the JV, Sunoco
retained a 33% nonoperating minority interest.
Specialty chemicals group LANXESS has
opened its first production plant for high-tech plastics in the
US. With the new facility in Gastonia, North Carolina, the
company will reportedly help to meet the growing demand for
premium, lightweight plastics.
The company has invested $20 million in this new Gastonia
plant, and is creating up to 45 new jobs. The plant will
initially operate with a capacity of 20,000 metric tpy.
In the new compounding plant, basic polymers, such as
polyamide and polybutylene terephthalate, are mixed and refined
with special additives and glass fibers, according to customer
needs, to produce Durethan and Pocan brands.