iradiophilly | Business - Sunoco to Shut Down Philadelphia Refinery

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Sunoco to Shut Down Philadelphia Refinery

by: iradiotom - Philadelphia, PA
started: 09/06/11 8:38 am | updated: 09/06/11 8:38 am

South Philadelphia will have to say goodbye to the Sunoco refineries. Sunoco Inc. announced it will sell or close its oil refineries in South Philly and Marcus Hook.

CEO Lynn L. Elsenhans took charge of the Philadelphia company three years ago and immediately began sweeping changes, but this is the biggest.

"We have made progress in increasing the efficiency of our refineries over the last several years, but given the unacceptable financial performance of these assets, it is clear that it is in the best interests of shareholders to exit this business and focus on our profitable retail and logistics businesses which have higher returns, growth potential, and provide steady, ratable cash flow," Elsenhans, Sunoco's chairman and chief executive officer, said in a statement.

Sunoco said it will attempt to sell its two remaining refineries, but will idle the main operating units at the refineries next July if a suitable deal does not emerge.

A Sunoco closure will eliminate hundreds of refinery jobs in Philadelphia.

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