Chevron Press Release - Chevron And Sun Sign Final Contract for Sale Of Chevron's Philadelphia Refinery
SAN FRANCISCO, May 12, 1994 -- Chevron today announced it has reached final agreement to sell its Philadelphia Refinery to Sun Company, Inc.
Representatives of the two companies signed a definitive sales agreement yesterday in Philadelphia. The sale is expected to close early in the third quarter, subject to a Federal Trade Commission review of its competitive impact.
Sun intends to retain essentially all of the 550-person work force and to continue operating the 177,000 barrel-per-day refinery as a merchant refinery, serving essentially the same customers.
Terms of the sale were not disclosed. The sale includes Chevron's one-third interest in the Harbor Pipeline, which runs from southern New Jersey to the New York Metropolitan area.
Chevron announced last May its plan to sell both the Philadelphia and Port Arthur refineries as part of a strategy to focus its capital and resources in the South, Southwest and West, where the company's marketing business is strongest.
Chevron is continuing in exclusive negotiations with Clark Refining & Marketing Inc. regarding sale of the Port Arthur Refinery.
Updated: May 1994