Don?t cancel those plans for Sunoco to sell its aging Philadelphia refineries.
Sunoco on Tuesday said it was exiting the refining business, the latest move by the oil company as it refocuses on the retail and logistics operations.
Sunoco is in exclusive talks with private-equity house Carlyle Group about a joint-venture for its Philadelphia refinery. But that might not be all that comforting to Sunoco investors.
Carlyle Group's deal to take over Sunoco's Philadelphia refinery carries a lot of weight. Here, to put it in perspective, are some key figures on the deal:
Private-equity shops have been portrayed as villains this year in the run-up to the presidential election. But today, Carlyle is being cast something of an American hero in its deal to take over a Sunoco refinery in Philadelphia.