Carlyle, Sunoco Agree to Joint Venture for Refinery #BradleyOlson #JimPolson @Bloombergnews @resilient_ent #VentureCapital

Sunoco Inc. (SUN) and Carlyle Group agreed to form a joint venture to keep the oldest continually operating refinery on the U.S. East Coast open. Under the agreement, Sunoco will contribute its Philadelphia refinery to the joint venture and get a minority stake and Carlyle will pay for capital projects and upgrades of the plant, according to a joint statement from the companies today. The refinery is capable of handling 330,000 barrels a day.

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