The refinery processing about 330,000 barrels of crude oil per day into various refined products was set to be closed down in August 2012 when the two companies announced the JV to manage the refinery and save many jobs.
Philadelphia Energy Solutions is expected to secure the region’s fuel supply by supplying ten million gallons of various fuels every day.
Sunoco chairman and chief executive officer Brian MacDonald said, "We are pleased to have facilitated a joint venture with The Carlyle Group which will save existing jobs, create new jobs, and provide additional business opportunities in Pennsylvania."
Carlyle Group will own 67% in Philadelphia Energy Solutions and will be responsible for the everyday operations of the refinery and the JV.
Sunoco will own 33% non-operating interest in the joint venture for contributing its refinery assets.
