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

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Sunoco, Inc. (NYSE: SUN) and The Carlyle Group, L.P. (NASDAQ: CG) 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

See full press release

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