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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
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Exclusive: Carlyle Group in talks with Sunoco for Philly refinery: source Back to Topics
REPLIES (newest first) Post a Reply
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honda0105
Champion Author Tallahassee

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Message Posted: Apr 20, 2012 2:59:36 AM

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..
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honda0105
Champion Author Tallahassee

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Message Posted: Apr 20, 2012 2:58:18 AM

still not going to do anything.
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pbug101
Champion Author Georgia

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Message Posted: Apr 19, 2012 5:32:24 PM

ok
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rjhenn
Champion Author Des Moines

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Message Posted: Apr 19, 2012 3:46:50 PM

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.
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puinsai808
Champion Author Honolulu

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Message Posted: Apr 19, 2012 7:27:27 AM

Good luck.
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nb52
Champion Author Grand Rapids

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Message Posted: Apr 19, 2012 3:30:32 AM

Yea private equity firms. Much more efficient than government run investments.
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OWENALOTT
Champion Author Appleton

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Message Posted: Apr 18, 2012 10:09:38 PM

Ok
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GoGoGoodyear
Champion Author Los Angeles

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Message Posted: Apr 18, 2012 9:24:01 PM


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.
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DandyDapple
All-Star Author North Dakota

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Message Posted: Apr 18, 2012 9:21:30 PM

Why aren't the refineries making money? ... Why should the middleman make all the $$$???
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GordoM
Champion Author Detroit

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Message Posted: Apr 18, 2012 8:58:53 PM

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.
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NedW
Champion Author Indianapolis

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Message Posted: Apr 18, 2012 8:57:21 PM

Do it.
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defiancegasman
Champion Author Ohio

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Message Posted: Apr 18, 2012 8:57:00 PM

Good
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GBMAX
Champion Author Phoenix

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Message Posted: Apr 18, 2012 8:55:27 PM

ok
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satrn38mpg
Champion Author Raleigh

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Message Posted: Apr 18, 2012 8:53:36 PM

good 4 them >>
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azadus
All-Star Author Houston

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Message Posted: Apr 18, 2012 8:51:19 PM

ok
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mindrisa
Veteran Author Denver

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Message Posted: Apr 18, 2012 8:49:13 PM

ok
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jrsva
Champion Author Virginia

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Message Posted: Apr 18, 2012 8:45:47 PM

“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.

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bowler360
Champion Author Illinois

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Message Posted: Apr 18, 2012 8:41:04 PM

Sell it.
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mstearno
Champion Author Dayton

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Message Posted: Apr 18, 2012 8:38:39 PM

who cares?
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sammy518
Champion Author Austin

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Message Posted: Apr 18, 2012 8:36:29 PM

OK
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OGW
Champion Author London

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Message Posted: Apr 18, 2012 8:36:24 PM

If it does not pay for itself, the company cannot afford to keep it.
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big_mac64
Champion Author Tennessee

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Message Posted: Apr 18, 2012 8:33:05 PM

we do not need another refinery closing!
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tippybuddy
Champion Author Ontario

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Message Posted: Apr 18, 2012 8:32:58 PM

still another scare...
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chillyman3
Champion Author Illinois

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Message Posted: Apr 18, 2012 8:32:16 PM

It's another media source that is being paid to scare the public. Scare public gas prices go up!
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theschmuck
Champion Author Michigan

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Message Posted: Apr 18, 2012 8:28:49 PM

Wold like to hear and read the whole story behind this mess from the start and hope that something may be resolved.
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chillyman3
Champion Author Illinois

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Message Posted: Apr 18, 2012 8:27:45 PM

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]
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Blue48
Champion Author Illinois

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Message Posted: Apr 18, 2012 8:26:31 PM

GOOD LUCK ON THAT!
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us4usa
Champion Author Missouri

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Message Posted: Apr 18, 2012 8:25:46 PM

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
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carman11
Champion Author North Carolina

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Message Posted: Apr 18, 2012 8:23:43 PM

JUST WHAT IS NEEDED ANOTHER REASON FOR PRICES TO KEEP GOING UP UP UP AND AWAY!!
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crashintuc34
Champion Author Tucson

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Message Posted: Apr 18, 2012 8:21:53 PM

Ok.
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fuelsaverMN
Champion Author Twin Cities

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Message Posted: Apr 18, 2012 8:21:09 PM

Will that be good news for consumers??
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wulf2000
Champion Author Miami

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Message Posted: Apr 18, 2012 8:21:06 PM

What does the Carlyle group sees that other don't?
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ProRogue
All-Star Author Vancouver

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Message Posted: Apr 18, 2012 8:21:00 PM


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.
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letterchunker
Champion Author Texas

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Message Posted: Apr 18, 2012 8:16:37 PM

Will it make a difference in the price of gas
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radiorumor
Champion Author Texas

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Message Posted: Apr 18, 2012 8:14:48 PM

Maybe I need to buy a refinery
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g747
Champion Author Mobile

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Message Posted: Apr 18, 2012 8:13:42 PM

Somebody please buy it !!!!!!!!!!!.
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DEG
Champion Author Las Vegas

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Message Posted: Apr 18, 2012 8:11:34 PM

Hopefully the plant is sold. It is hard to imagine that the refineries aren't making exorbitant profits.
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PizzaMon
Champion Author Philadelphia

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Message Posted: Apr 18, 2012 8:10:56 PM

Sunoco is a Philly institution that cannot be allowed to die.
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jessek
Champion Author Detroit

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Message Posted: Apr 18, 2012 8:10:32 PM

Still find it hard to believe.
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DustyHorse
Champion Author Virginia

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Message Posted: Apr 18, 2012 8:10:10 PM

I hope they find a buyer.
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bif65
Champion Author Virginia

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Message Posted: Apr 18, 2012 8:05:06 PM

ok
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kzrooster
Champion Author Kalamazoo

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Message Posted: Apr 18, 2012 8:00:59 PM

We can only hope they find a buyer.
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JasonKY
Veteran Author Lexington

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Message Posted: Apr 18, 2012 7:49:38 PM

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.
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mrbee
Champion Author Little Rock

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Message Posted: Apr 18, 2012 7:48:13 PM

Hope so.
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WBBNC
Veteran Author North Carolina

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Message Posted: Apr 18, 2012 7:43:27 PM

Anyone? Whay about Delta?
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tco9436
Champion Author Connecticut

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Message Posted: Apr 18, 2012 7:38:54 PM

GREAT
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fajeff01
All-Star Author Atlanta

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Message Posted: Apr 18, 2012 7:35:43 PM

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.
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boborobot
All-Star Author Michigan

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Message Posted: Apr 18, 2012 7:35:13 PM

Weak profits ???
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bvrbill
Champion Author Eugene

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Message Posted: Apr 18, 2012 7:33:44 PM

Let's hope they can keep the refinery operating. Big oil doesn't need another reason to increase prices.
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babugp
Veteran Author Philadelphia

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Message Posted: Apr 18, 2012 7:30:03 PM

hummmm
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