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The Carlyle Group And Sunoco Agree To Form Philadelphia Refinery Joint Venture

Projects include:

  • Upgrade the Catalytic Cracker: The joint venture will upgrade and refurbish the cracker, improving reliability and operating performance. The project will create more than 1,000 contracting jobs when the upgrade commences.
  • Build High-Speed Train Unloading Facility at Refinery: Provide access to greater quantities of crude oil from North America (versus imported crude), particularly high-quality, low sulfur crude from the Bakken region in North Dakota.
  • Build Mild Hydrocracker and Hydrogen Plant: By converting the existing middle distillate Hydrotreater into a Mild Hydrocracker and constructing a natural gas-based hydrogen plant, the refinery will produce a more environmentally friendly mix of refined products. The project will create several hundred construction jobs.

The joint venture is also exploring other significant capital projects, including the creation of new businesses based on the availability and abundant levels of natural gas from the Marcellus Shale.

Also subject to the execution of final agreements, J.P. Morgan’s physical commodities division, J.P. Morgan Ventures Energy Corporation, will supply the refinery with crude and non-crude feedstocks on a just-in-time basis and will purchase refined products from the refinery for offtake.

Pennsylvania Governor Tom Corbett said, “Today’s announcement is testament to what can be accomplished when the public and private sectors work together toward a common goal; creating job opportunities for current and future generations. The Commonwealth’s support of this venture in conjunction with business, labor and all levels of government will preserve 850 direct jobs and thousands of jobs that rely on this refinery’s active operation in the Philadelphia region.”

Philadelphia Mayor Michael A. Nutter said, “Philadelphia Energy Solutions will create and maintain hundreds of skilled jobs for Philadelphians. It is an example of the private and public sectors working closely together to ensure this refinery, an important economic engine of the region, continues to operate. I would like to thank all of the partners who contributed to preserving these jobs.”

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