Sunoco, Carlyle Mull Philadelphia Refinery Deal

Law360, New York (April 23, 2012, 1:56 PM EDT) -- Sunoco Inc. on Monday said it has entered exclusive talks with The Carlyle Group LP, an investment firm that will potentially overtake operations at a struggling Philadelphia refinery as part of the gas company's exit from the refining industry.

In the potential joint venture, Sunoco would keep a minority stake in the 330,000-barrel-a-day refinery, while the asset management firm would receive all of Sunoco's refinery-related assets and assume operational control for an undisclosed cash price, the groups said.

A deal would relieve Sunoco of its ongoing...
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