Sunoco, Inc. (SUN) said the company and The Carlyle Group, L.P. (CG) 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.
As per the terms of the joint venture agreement, 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% non-operating minority interest.
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