May 3, 2008 at 6:23 pm #3650
Sunoco mulls sale of Tulsa refinery
Last Update: 5:07 pm May 3, 2008
TULSA, Okla. (AP) – Officials with Sunoco say the company is considering selling its Tulsa refinery after receiving requests to discuss a sale.
Senior Vice President and Chief Financial Officer Thomas Hofmann says a decision on a sale likely would be made in the late second or early third quarter.
The Philadelphia-based refiner and marketer of petroleum and petrochemical products said it had received unsolicited requests to discuss the sale of the refinery.
Sunoco says it is looking at what the value of the refinery might be.
The plant can process 85,000 barrels of oil per day and employs about 375 people. It primarily produces lubricants.
A 2005 report by the state Secretary of Energy’s Office estimated that the refinery directly
May 3, 2008 at 6:33 pm #6881
Here is update on rumors of Sunoco Tulsa Coking Refinery sale. Original lead on this surfaced back in Dec 2007 and lead was sourced to Holly executive – so they may still be one of companies making an offer on the 85 MBD refinery.
Sunoco Tulsa has a $400MM LS Diesel project that is due to complete in 2010.
Some of this sale talk might source back to 2007 when Sunoco was upgraded by Soleil Securities analysts to a “Buy” citing the refinery sale, and recommended putting its *coke assets into a master limited partnership, or divesture of its chemical business as moves that would significantly improve earnings. (AP 12/11/07 – http://www.msnbc.msn.com/id/22198572/ ).
*Note – The coke refered to here is Sunoco’s Coal Coke operations ($24MM) via SunCoke Energy (formerly Sun Coke) in Victoria, Brazil, its Jewel Coal operations, the Indiana Harbor Coke plant and a proposed second 550 kmtpy Havermill site (with 67 MW HRSG at cokemaking plant) operational in 2008.
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