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TheStreet Open House

Philadelphia Energy Solutions Charts A New Future With Official Launch Celebration

Philadelphia Energy Solutions (PES), the longest continuously operating refinery in the U.S., today officially launched its partnership with The Carlyle Group (NASDAQ: CG) and Sunoco Inc. (NYSE: SUN) at a celebration attended by elected officials, labor and business leaders, and hundreds of refinery employees. Philadelphia Energy Solutions also unveiled a new video depicting the determined efforts by business, labor and government to keep the refinery open for business.

Mr. Rinaldi said, “This is a great day for so many people, especially our 850 employees and East Coast energy consumers. We have big plans for this historic facility and we are eager to get going. By tapping into new energy sources, crude from America’s heartland and gas from Western Pennsylvania, we’ll produce new products and do it less expensively.”

Participants at the launch event included: Pennsylvania Governor Tom Corbett, Sunoco Chairman & CEO Brian MacDonald, Carlyle Co-CEO William E. Conway, Jr., U.S. Representative Bob Brady and United Steelworkers International President Leo Gerard.

Philadelphia Energy Solutions also unveiled its new corporate logo, which was painted on a large tank.

By entering into the joint venture, Carlyle and Sunoco were able to save 850 jobs, secure the region’s fuel supply by continuing the daily flow of 10 million gallons of various fuels, and create 100-200 new, permanent jobs, as well as thousands of construction jobs.

Philadelphia 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 Cat Cracker (FCCU) at the refinery.

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