PES’ Phil Rinaldi Stepping Down; Will Philly Energy Hub Die?

Phil Rinaldi

“Fossil Phil,” Philip L. Rinaldi, is stepping down as CEO of Philadelphia Energy Solutions. In 2012 Sunoco and the Carlyle Group formed a joint venture to operate the troubled Sunoco refinery in South Philadelphia (see Sunoco & Carlyle Group Ink Joint Venture for Philly Refinery). They put Phil Rinaldi in charge. The deal saved 850 jobs from disappearing and led to adding even more jobs as the refinery, under the leadership of Rinaldi, began processing shale oil. Since then the price of oil has dropped, a lot. But the facility still chugs along. Phil is turning 71 and didn’t offer a reason for why he’s leaving the post (although retirement is the apparent reason). Phil does intend to continue on as Chairman of the Greater Philadelphia Chamber of Commerce’s Energy Action Team–a group dedicated to turning Philadelphia into an “energy hub” by building more pipelines to the city from the Marcellus. Some antis have intimated that Phil leaving his post spells the end of the dream to turn Philly into an energy hub, which is, of course, nonsense…

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