Sunoco and The Carlyle Group Complete Formation of Philadelphia Refinery Joint Venture

Sunoco, Inc. (NYSE:

) and The Carlyle Group, L.P. (NASDAQ:

) 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