Sunoco To Sell Off Refineries In Strategy Shift

Law360, New York (September 6, 2011, 4:31 PM EDT) -- Sunoco Inc. announced Tuesday that it intended to exit the oil refining business as part of an effort to focus more exclusively on core operations, including retail gas stations and energy transportation.

The petroleum company said it hoped to sell refineries in Philadelphia and Marcus Hook, Pa., but would shutter the facilities instead if a suitable deal couldn't be arranged by July. Sunoco will also conduct a comprehensive review of its business strategy.

Sunoco Chairman and CEO Lynn L. Elsenhans said in a statement that while...
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