Sunoco Inc. announced June 1 that it has completed the sale of its 85,000-barrel-per-day refinery in Tulsa, Okla., to Holly Corporation for $65 million.
Speaking on the transaction, Sunoco chairman and chief executive officer Lynn Elsenhans said: “We are grateful to the many talented and hard-working employees who made the facility successful for so many years. We wish them well as they join Holly. By completing this sale, we are taking another step in our efforts to realign our portfolio of assets and improve our competitiveness.”
The Tulsa refinery, which began production in 1913, had been a part of Sunoco’s refining system since 1968.
Sunoco Inc., headquartered in Philadelphia, is a leading manufacturer and marketer of petroleum and petrochemical products. With 825,000 barrels per day of refining capacity, approximately 4,700 retail sites selling gasoline and convenience items, approximately 6,000 miles of crude oil and refined product owned and operated pipelines and 43 product terminals, Sunoco is one of the largest independent refiner-marketers in the United States. Sunoco is a significant manufacturer of petrochemicals with an annual production capacity of approximately five billion pounds, largely chemical intermediates used to make fibers, plastics, film and resins. Utilizing a unique, patented technology, Sunoco's cokemaking facilities in the United States have the capacity to manufacture approximately 3.0 million tons annually of high-quality metallurgical-grade coke for use in the steel industry. Sunoco also is the operator of, and has an equity interest in, a 1.7 million tons-per-year cokemaking facility in Vitória, Brazil.
