Carlyle Managing Director Rodney Cohen said, “Together we’ve re-imagined the Philadelphia refinery and its role as a critical energy hub in the Northeast. This joint venture will keep one of the region’s most important economic engines up and running. The refinery will be a reliable and critical supplier of fuels to the regional market through its new business structure and improved crude oil sourcing. In addition, the refinery’s exceptional location and infrastructure will enable the joint venture to create new business opportunities related to Marcellus Shale natural gas fields. We also look forward to continuing to work with all of the relevant stakeholders – government officials, the community, environmental officials and organized labor – as we work to stabilize, strengthen and expand the refinery.”
David Marchick, Carlyle’s Managing Director for External Affairs, said, “Saving this vital facility was only possible as a result of the extraordinary leadership and laser-like focus of a number of stakeholders, including the White House; Governor Tom Corbett and his team; Congressman Robert Brady; Mayor Michael Nutter; and USW President Leo Gerard. Each of these parties played an instrumental role in ensuring that the refinery remains in operation, serving businesses and consumers in the Northeast, as it has for more than 140 years.”
Blythe Masters, Head of Global Commodities at J.P. Morgan, said, “J.P. Morgan’s comprehensive solution, which leverages our physical commodities capabilities and substantially reduces the working capital requirements at the Philadelphia refinery beyond the assistance provided by traditional financing paths, demonstrates how financial institutions with physical capabilities can prudently, yet more effectively, meet our clients’ capital needs.”
Capital Improvements – Public Private PartnershipPhiladelphia Energy Solutions, with economic support from The Commonwealth of Pennsylvania, will invest in several capital intensive projects that are critical to the long-term economic viability of the facility. Planned improvements will help the environment through reduced waste and emission, and reduce reliance on foreign oil supplies. The Commonwealth will provide grants to help build a high-speed train unloading facility at the refinery, support a major capital project and upgrade the cracker at the refinery.