The Carlyle Group L.P. And Sunoco Inc. have completed the formation of the Philadelphia Energy Solutions joint venture that will operate the Philadelphia Refinery, which has a processing capacity of 330,000 barrels of crude oil per day. The refinery processes crude oil into various refined products.
The Carlyle Group will oversee day-to-day operations of the joint venture and refinery and will hold a controlling interest under the terms of the agreement. Sunoco retained a 33% non-operating minority interest in exchange for contributing its refinery assets to the joint venture.
“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, chairmen and chief executive officer of Sunoco, Inc.