By ROSE MARTON-VITALE
Sunoco Logistics Partners has announced the acquisition of the Marcus Hook refinery, located on the banks of the Delaware River just south of Philadelphia, for $60 million.
Sunoco Logistics' President and CEO Michael J. Hennigan said during its Q1 earnings call it plans to "create a world class NGL hub near the Marcellus and Utica shales."
The 780 acre Marcus Hook refinery was owned by Sunoco Logistics' former parent company, Sunoco Inc. When operational, it was able to process 175,000 bpd of crude oil, and was one of the nation's oldest refineries, starting up in 1902. It employed nearly 500 workers in Delaware County until it was closed in December 2011.
The Marcus Hook Industrial site has deep water berths, rail access, truck capability and pipeline infrastructure and has the unique feature of five underground caverns to store natural gas liquids on the East Coast.
"The purchase of the Marcus Hook facility demonstrates Sunoco Logistics' continued commitment to pursue opportunistic growth in NGLs," Mr. Hennigan said.
Dow Jones Newswires