|
Sunoco Enters into
Exclusive Discussions with The Carlyle Group Regarding Philadelphia
Refinery Joint Venture |
PHILADELPHIA,
Apr 23, 2012 (BUSINESS WIRE) --Sunoco, Inc. (NYSE: SUN) announced today
that it has entered into exclusive discussions with The Carlyle Group, a
global alternative asset manager, regarding a potential joint venture
involving Sunoco's 330,000 barrel-per-day refinery in Philadelphia. If a
transaction were to be consummated, Sunoco would contribute its
Philadelphia refinery assets in exchange for a non-operating minority
interest in the joint venture. In addition, Sunoco would have no
on-going capital obligations with respect to the refinery. Carlyle would
contribute cash to the joint venture, hold the majority interest and
oversee day-to-day operations of the joint venture and the facility. No
other financial terms of the potential transaction were disclosed and
there can be no assurances that the two companies will come to
agreement. Speaking
on the potential joint venture and what it could mean to operations at
the Philadelphia refinery, Sunoco's president and chief executive
officer Brian P. MacDonald said, "The Carlyle Group has financial
depth, broad energy sector experience, and a history of building value.
We believe having a strong partner like Carlyle with a track record of
leading successful business turnarounds is necessary to preserve the
facility's future. Also, a concerted effort by all stakeholders is
necessary to ensure the successful completion of this joint venture. We
have been encouraged by the offers of support by federal, state, local
and labor officials." |
http://phx.corporate-ir.net/phoenix.zhtml?c=99437&p=irol-newsArticle&ID=1685820&highlight=