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Exclusive: Carlyle Group in talks with Sunoco for Philly refinery: source

Reuters -- Private equity firm Carlyle Group LP is in talks with Sunoco Inc (SUN.N) to buy its 335,000 barrel per day refinery in Philadelphia, a person with direct knowledge of the matter said on Tuesday.

Oil markets are closely watching to see if Sunoco finds a buyer for the plant, one of three refineries on the U.S. East Coast that has been threatened with closure due to weak profits.

The loss of the Philadelphia plant - the largest of the three - could cause a shortfall in refined products in the region and drive up gasoline prices during the summer driving season unless a buyer is found by the July 1 deadline set by Sunoco.

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Submitted Apr 18, 2012 By: Mudsprings

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honda0105 Champion Author Tallahassee Posts:18,811 Points:1,635,270 Joined:Nov 2008	Message Posted: Apr 20, 2012 5:59:36 AM Ignore honda0105 Report Abuse gordoM; rj is right. Keystone was never designed to help Americans - why would it pipe all the way to Houston from Canada if there are so many other facilities so much closer? Stop and think for a moment about that one..
honda0105 Champion Author Tallahassee Posts:18,811 Points:1,635,270 Joined:Nov 2008	Message Posted: Apr 20, 2012 5:58:18 AM Ignore honda0105 Report Abuse still not going to do anything.
pbug101 Champion Author Georgia Posts:2,581 Points:604,000 Joined:Aug 2011	Message Posted: Apr 19, 2012 8:32:24 PM Ignore pbug101 Report Abuse ok
rjhenn Champion Author Des Moines Posts:22,602 Points:2,255,165 Joined:Aug 2005	Message Posted: Apr 19, 2012 6:46:50 PM Ignore rjhenn Report Abuse GordoM - "Oh, wait...present administration does not give permits for pipelines as it is election year. Looks like it is bye bye to jobs again and higher pump prices and imported gas for the east." Funny, I hadn't noticed anybody trying to build a pipeline to the East Coast. The oil companies aren't interested in doing anything that might benefit the country. They'll make bigger profits by putting the screws to those on the East Coast and increasing gas prices in the Midwest too. After all, that's the ultimate purpose of Keystone XL.
puinsai808 Champion Author Honolulu Posts:3,692 Points:753,055 Joined:May 2011	Message Posted: Apr 19, 2012 10:27:27 AM Ignore puinsai808 Report Abuse Good luck.
nb52 Champion Author Grand Rapids Posts:7,910 Points:1,572,600 Joined:Nov 2008	Message Posted: Apr 19, 2012 6:30:32 AM Ignore nb52 Report Abuse Yea private equity firms. Much more efficient than government run investments.
OWENALOTT Champion Author Appleton Posts:2,182 Points:500,095 Joined:Apr 2011	Message Posted: Apr 19, 2012 1:09:38 AM Ignore OWENALOTT Report Abuse Ok
GoGoGoodyear Champion Author Los Angeles Posts:2,114 Points:529,140 Joined:Mar 2010	Message Posted: Apr 19, 2012 12:24:01 AM Ignore GoGoGoodyear Report Abuse Closure due to weak profits??? Of course with the bad economy everyone is driving less and staying home instead of going on vacation so gasoline demand is down. With lower demand the refineries are not as profitable so the oil companies want to close them. When they close a refinery it creates a shortage which drives up the price. When the price goes up everyone drives less and stays home... just a vicious circle that repeats.
DandyDapple All-Star Author North Dakota Posts:715 Points:330,170 Joined:Sep 2008	Message Posted: Apr 19, 2012 12:21:30 AM Ignore DandyDapple Report Abuse Why aren't the refineries making money? ... Why should the middleman make all the $$$???
GordoM Champion Author Detroit Posts:1,043 Points:1,016,820 Joined:Nov 2006	Message Posted: Apr 18, 2012 11:58:53 PM Ignore GordoM Report Abuse More pipelines to bring low cost western and Canadian crude east would keep the refineries in business and lower gas cost to east coast. Oh, wait...present administration does not give permits for pipelines as it is election year. Looks like it is bye bye to jobs again and higher pump prices and imported gas for the east.
NedW Champion Author Indianapolis Posts:5,745 Points:1,167,020 Joined:Mar 2008	Message Posted: Apr 18, 2012 11:57:21 PM Ignore NedW Report Abuse Do it.
defiancegasman Champion Author Ohio Posts:7,099 Points:1,327,520 Joined:May 2006	Message Posted: Apr 18, 2012 11:57:00 PM Ignore defiancegasman Report Abuse Good
GBMAX Champion Author Phoenix Posts:4,795 Points:1,927,355 Joined:Feb 2005	Message Posted: Apr 18, 2012 11:55:27 PM Ignore GBMAX Report Abuse ok
satrn38mpg Champion Author Raleigh Posts:5,197 Points:1,078,690 Joined:Sep 2009	Message Posted: Apr 18, 2012 11:53:36 PM Ignore satrn38mpg Report Abuse good 4 them >>
azadus All-Star Author Houston Posts:554 Points:110,975 Joined:Mar 2012	Message Posted: Apr 18, 2012 11:51:19 PM Ignore azadus Report Abuse ok
mindrisa Veteran Author Denver Posts:399 Points:137,460 Joined:Feb 2012	Message Posted: Apr 18, 2012 11:49:13 PM Ignore mindrisa Report Abuse ok
jrsva Champion Author Virginia Posts:9,993 Points:1,638,975 Joined:Jan 2006	Message Posted: Apr 18, 2012 11:45:47 PM Ignore jrsva Report Abuse “who cares?” What a sad comment. I suspect that several tens of millions of people who live in the northeast would care if they were aware of the situation and knew that they were facing higher gas prices because of it. I don’t much care what Speedway does on a regular basis to affect gas prices in much of the Midwest but I don’t make smart remarks about it in the forums.
bowler360 Champion Author Illinois Posts:2,105 Points:526,275 Joined:Jun 2011	Message Posted: Apr 18, 2012 11:41:04 PM Ignore bowler360 Report Abuse Sell it.
mstearno Champion Author Dayton Posts:8,174 Points:1,755,920 Joined:Jan 2008	Message Posted: Apr 18, 2012 11:38:39 PM Ignore mstearno Report Abuse who cares?
sammy518 Champion Author Austin Posts:2,589 Points:539,790 Joined:Dec 2010	Message Posted: Apr 18, 2012 11:36:29 PM Ignore sammy518 Report Abuse OK
OGW Champion Author London Posts:5,436 Points:1,556,195 Joined:Sep 2005	Message Posted: Apr 18, 2012 11:36:24 PM Ignore OGW Report Abuse If it does not pay for itself, the company cannot afford to keep it.
big_mac64 Champion Author Tennessee Posts:10,600 Points:1,490,130 Joined:May 2005	Message Posted: Apr 18, 2012 11:33:05 PM Ignore big_mac64 Report Abuse we do not need another refinery closing!
tippybuddy Champion Author Ontario Posts:1,523 Points:207,740 Joined:Feb 2011	Message Posted: Apr 18, 2012 11:32:58 PM Ignore tippybuddy Report Abuse still another scare...
chillyman3 Champion Author Illinois Posts:1,355 Points:443,890 Joined:Jan 2012	Message Posted: Apr 18, 2012 11:32:16 PM Ignore chillyman3 Report Abuse It's another media source that is being paid to scare the public. Scare public gas prices go up!
theschmuck Champion Author Michigan Posts:3,035 Points:1,533,785 Joined:Mar 2007	Message Posted: Apr 18, 2012 11:28:49 PM Ignore theschmuck Report Abuse Wold like to hear and read the whole story behind this mess from the start and hope that something may be resolved.
chillyman3 Champion Author Illinois Posts:1,355 Points:443,890 Joined:Jan 2012	Message Posted: Apr 18, 2012 11:27:45 PM Ignore chillyman3 Report Abuse weak profits? please!!! Gas companies are making record profits....CEO getting million dollar bonuses. [Edited by: chillyman3 at 4/18/2012 11:29:37 PM EST]
Blue48 Champion Author Illinois Posts:7,440 Points:1,664,670 Joined:Feb 2007	Message Posted: Apr 18, 2012 11:26:31 PM Ignore Blue48 Report Abuse GOOD LUCK ON THAT!
us4usa Champion Author Missouri Posts:6,118 Points:1,136,670 Joined:May 2008	Message Posted: Apr 18, 2012 11:25:46 PM Ignore us4usa Report Abuse Here is my two cents... 1. The asking price is too high... 2. Cost to retool for cheap oil... 3. EPA codes for retool... 4. Need more tax breaks... 5. ALL THE ABOVE 6. SOLD
carman11 Champion Author North Carolina Posts:3,474 Points:718,450 Joined:Jun 2011	Message Posted: Apr 18, 2012 11:23:43 PM Ignore carman11 Report Abuse JUST WHAT IS NEEDED ANOTHER REASON FOR PRICES TO KEEP GOING UP UP UP AND AWAY!!
crashintuc34 Champion Author Tucson Posts:4,183 Points:837,580 Joined:May 2010	Message Posted: Apr 18, 2012 11:21:53 PM Ignore crashintuc34 Report Abuse Ok.
fuelsaverMN Champion Author Twin Cities Posts:2,282 Points:559,080 Joined:Mar 2011	Message Posted: Apr 18, 2012 11:21:09 PM Ignore fuelsaverMN Report Abuse Will that be good news for consumers??
wulf2000 Champion Author Miami Posts:3,151 Points:1,411,355 Joined:May 2005	Message Posted: Apr 18, 2012 11:21:06 PM Ignore wulf2000 Report Abuse What does the Carlyle group sees that other don't?
ProRogue Veteran Author Vancouver Posts:384 Points:1,094,030 Joined:Dec 2008	Message Posted: Apr 18, 2012 11:21:00 PM Ignore ProRogue Report Abuse I find the rules of this game very confusing. Refineries close because of.. weak.. profits..? I consider myself to be of average intelligence, but I cannot wrap my head around that. Anyway, so a refinery closes. And then gas goes up. Whatever. But doesn't it also go up when a refinery is merely reported to have been threatened with POTENTIAL closure? Does it really go up any higher or stay high any longer when a refinery ACTUALLY closes? I think I need a flowchart.
letterchunker Champion Author Texas Posts:2,330 Points:682,175 Joined:Aug 2008	Message Posted: Apr 18, 2012 11:16:37 PM Ignore letterchunker Report Abuse Will it make a difference in the price of gas
radiorumor Champion Author Texas Posts:2,941 Points:779,590 Joined:Feb 2011	Message Posted: Apr 18, 2012 11:14:48 PM Ignore radiorumor Report Abuse Maybe I need to buy a refinery
g747 Champion Author Mobile Posts:4,677 Points:960,395 Joined:Jul 2009	Message Posted: Apr 18, 2012 11:13:42 PM Ignore g747 Report Abuse Somebody please buy it !!!!!!!!!!!.
DEG Champion Author Las Vegas Posts:17,740 Points:3,518,505 Joined:Jul 2003	Message Posted: Apr 18, 2012 11:11:34 PM Ignore DEG Report Abuse Hopefully the plant is sold. It is hard to imagine that the refineries aren't making exorbitant profits.
PizzaMon Champion Author Philadelphia Posts:5,134 Points:1,884,705 Joined:Jun 2006	Message Posted: Apr 18, 2012 11:10:56 PM Ignore PizzaMon Report Abuse Sunoco is a Philly institution that cannot be allowed to die.
jessek Champion Author Detroit Posts:2,657 Points:1,280,490 Joined:Sep 2008	Message Posted: Apr 18, 2012 11:10:32 PM Ignore jessek Report Abuse Still find it hard to believe.
DustyHorse Champion Author Virginia Posts:6,214 Points:1,415,830 Joined:Oct 2008	Message Posted: Apr 18, 2012 11:10:10 PM Ignore DustyHorse Report Abuse I hope they find a buyer.
bif65 Champion Author Virginia Posts:1,024 Points:200,400 Joined:Jan 2011	Message Posted: Apr 18, 2012 11:05:06 PM Ignore bif65 Report Abuse ok
kzrooster Champion Author Kalamazoo Posts:2,515 Points:542,500 Joined:Nov 2011	Message Posted: Apr 18, 2012 11:00:59 PM Ignore kzrooster Report Abuse We can only hope they find a buyer.
JasonKY Veteran Author Lexington Posts:292 Points:67,795 Joined:Feb 2012	Message Posted: Apr 18, 2012 10:49:38 PM Ignore JasonKY Report Abuse We need to alleviate the oil bottle neck! Some of the cost will go down if refineries get the oil they need at the right price and if there is enough refineries to make it competitive.
mrbee Champion Author Little Rock Posts:3,888 Points:2,492,335 Joined:Oct 2005	Message Posted: Apr 18, 2012 10:48:13 PM Ignore mrbee Report Abuse Hope so.
WBBNC Veteran Author North Carolina Posts:499 Points:488,640 Joined:Jan 2011	Message Posted: Apr 18, 2012 10:43:27 PM Ignore WBBNC Report Abuse Anyone? Whay about Delta?
tco9436 Champion Author Connecticut Posts:1,807 Points:743,650 Joined:Mar 2010	Message Posted: Apr 18, 2012 10:38:54 PM Ignore tco9436 Report Abuse GREAT
fajeff01 All-Star Author Atlanta Posts:678 Points:1,336,685 Joined:Jan 2005	Message Posted: Apr 18, 2012 10:35:43 PM Ignore fajeff01 Report Abuse Boy just when the Speed Channel was enhancing my interest in Sunoco here comes the Carlyle Group. This is one of the few areas where white American men and Arab men walk hand-in-hand, skipping along like best friends, laughing at all the money they're making together. Yeah, thanks a lot wealthy Republicans for that anti-middle Eastern rhetoric that you guys think you're fooling the rest of Americans with. You only want war to make more money.
boborobot All-Star Author Michigan Posts:503 Points:440,740 Joined:Dec 2011	Message Posted: Apr 18, 2012 10:35:13 PM Ignore boborobot Report Abuse Weak profits ???
bvrbill Champion Author Eugene Posts:3,431 Points:544,275 Joined:Jul 2011	Message Posted: Apr 18, 2012 10:33:44 PM Ignore bvrbill Report Abuse Let's hope they can keep the refinery operating. Big oil doesn't need another reason to increase prices.
babugp Veteran Author Philadelphia Posts:339 Points:76,685 Joined:Mar 2012	Message Posted: Apr 18, 2012 10:30:03 PM Ignore babugp Report Abuse hummmm