Sunoco, Inc. and The Carlyle Group, L.P. have completed the formation of Philadelphia Energy Solutions, a joint venture that will operate the Philadelphia Refinery. The refinery processes 330,000 barrels of crude oil per day into various refined products.

Under the terms of the joint venture agreement, The Carlyle Group will hold the controlling interest and will oversee day-to-day operations of the joint venture and the refinery. In exchange for contributing its refinery assets to the joint venture, Sunoco retained a 33 percent non-operating minority interest.

Brian P. MacDonald, chairman and chief executive officer of Sunoco, Inc., said: “We are pleased to have facilitated a joint venture with The Carlyle Group which will save existing jobs, create new jobs, and provide additional business opportunities in Pennsylvania.”

About Sunoco

Sunoco is a leading logistics and retail company. The company owns the general partner interest in Sunoco Logistics Partners L.P. (NYSE: SXL), which consists of a two percent ownership interest and incentive distribution rights, and owns a 32 percent interest in the Partnership’s limited partner units. Sunoco Logistics Partners L.P. is an owner and operator of complementary pipeline, terminal and crude oil acquisition land marketing assets. Sunoco also has a network of approximately 4,900 retail locations in 23 states.

To see the Philadelphia refinery site