After 120 years, Sunoco has announced it is getting out of the refining business.
Sunoco will sell or close its oil refineries in South Philadelphia and Marcus Hook, Delaware County, but keep its nearly 5,000 retail gas stations.
Thomas Golembeski, Sunoco spokesman, said refineries have lost money eight out of the last 10 quarters.
“We’re working real hard to sell the refineries, and its highly likely that a buyer will want the employees to operate the facilities,” Golembeski said.
If Sunoco can’t sell the refineries by July 2012, the company will shut them down.
“At that point, every effort will be made to redeploy the employees to meet the needs of our other businesses such as retail and logistics,” said Golembeski. “Those are strong businesses that have high returns, growth potential, and provide steady earnings.”
Currently, 1,500 people work in the Sunoco refineries.