Sunoco and The Carlyle Group Completed Formation of Philadelphia Energy Solutions (SUN, CG)
[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]
Online PR News – 10-September-2012 –Sunoco, Inc. (NYSE:SUN) The Carlyle Group, L.P. (NASDAQ:CG) SUN and CG have recently 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. SUN is a leading logistics and retail company. The company owns the general partner interest in Sunoco Logistics Partners L.P. (NYSE: SXL), which consists of a two percent ownership interest and incentive distribution rights, and owns a 32 percent interest in the Partnerships limited partner units. Sunoco Logistics Partners L.P. is an owner and operator of complementary pipeline, terminal and crude oil acquisition land marketing assets. SUN also has a network of approximately 4,900 retail locations in 23 states. For more information about Sunoco, Inc. visit www.sunocoinc.com. CG is a global alternative asset manager with $156 billion of assets under management across 99 funds and 63 fund of fund vehicles as of June 30, 2012. Carlyle's purpose is to invest wisely and create value. Carlyle invests across four segments Corporate Private Equity, Real Assets, Global Market Strategies and Fund of Funds Solutions in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, technology & business services, telecommunications & media and transportation. CG employs 1,300 people in 32 offices across six continents. For more information about The Carlyle Group, L.P. visit www.carlyle.com.
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