Sunoco, Carlyle Avert Pa. Refinery Shutdown With JV Deal

Law360, New York (July 2, 2012, 7:29 PM EDT) -- Sunoco Inc. and The Carlyle Group LP have put together a joint venture to save the oldest continuously operating oil refinery on the East Coast, providing the struggling Philadelphia facility with private cash and public funds for infrastructure upgrades, the parties announced Monday.

After three months of negotiations, Philadelphia-based Sunoco has agreed cede its refinery assets to the joint venture, leaving day-to-day operations to its partner, a private equity heavyweight. JPMorgan Chase & Co.'s physical commodities division, JPMorgan Ventures Energy Corp., will supply the refinery with...
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