Billionaire considers bid for Pa. Sunoco refinery

AP News
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Posted: Mar 01, 2012 10:36 PM
Billionaire considers bid for Pa. Sunoco refinery

The billionaire owner of an oil refinery in western Pennsylvania said he is mulling whether to bid on Sunoco's refinery in South Philadelphia.

United Refining Energy Corp. chairman John Catsimatidis tells The Philadelphia Inquirer ( http://bit.ly/weXgpI) his company is deciding this month if it will make an offer for the refinery, which Sunoco Inc. plans to shut down on July 1 if a buyer isn't found.

He is the first potential buyer to publicly acknowledge an interest in the refinery, the largest on the East Coast. It is one of three in the Philadelphia area threatened with permanent closure because their owners say they are unprofitable.

In addition to the Philadelphia facility, Sunoco already shut down its Marcus Hook refinery. ConocoPhillips has shut down operations at its refinery in Trainer.