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Sunoco to Sell Toledo Refinery to PBF and Updates on SunCoke Separation
Sunoco, Inc. (NYSE: SUN) today announced that it has reached a definitive agreement to sell its 170,000 barrel-per-day refinery in Toledo, Ohio to Toledo Refining Company LLC, a wholly owned subsidiary of PBF Holding Company LLC. Sunoco will sell the refinery for approximately $400 million (consisting of $200 million in cash and a $200 million two-year note). In addition, the purchase agreement includes a participation payment of up to $125 million based on the future profitability of the refinery. The buyer will also purchase the crude oil and refined product inventory attributable to the refinery which will be valued at market prices at closing.

date.png06 Dec 2010 06:33 | comments.png 0 Comments | tags.png deals ohio pbf refinery sunoco toledo [ More ]
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