Sunoco & Carlyle Group Ink Joint Venture for Philly Refinery

Apparently the merger underway between Energy Transfer Partners and Sunoco is going well enough, and the promise of Marcellus and Utica Shale big enough, that Sunoco has inked a deal with The Carlyle Group to form a joint venture to keep the Philadelphia refinery operating. The new joint venture will save 850 jobs at the plant. Wording in the extensive press release below indicates that shale—Marcellus, Utica and Bakken—will all play an important role for the refinery moving forward.

This is good news for the workers at the refinery, and good news for consumers who will continue to have access to low-cost oil, natural gas and other petrochemical products that will be produced by the refinery. Here’s the press release announcing the deal:

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