Sunoco begins exit from refinery business
Sunoco Inc. has begun its exit from the refinery business, starting with selling refineries in Philadelphia and Marcus Hook.
With that announcement also came news that the company is “conducting a comprehensive strategic review of the company to determine the best way to deliver value to shareholders.” That process includes evaluating the best use of Sunoco’s cash and the company’s retail potential.
SuisseSecurities (USA) LLC has been retained to assist in the review process. If the refinery sales don’t go through, the main processing units at those facilities will become idle in July.
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