As MDN reported in early July, Sunoco (about to be purchased by Energy Transfer Partners), signed a joint venture deal with the Carlyle Group, a Washington, D.C. private equity firm, to keep Sunoco’s Philadelphia oil refinery open (see this MDN story). The deal will save 850 jobs. The reason the deal happened at all? The Marcellus Shale.
On Wednesday, Sunoco handed over the ceremonial keys to the plant to Carlyle. Sunoco maintains a one-third interest in the refinery, and Carlyle will be the new operator.