|Sunoco Completes Sale of Yabucoa Puerto Rico Refinery to Shell Chemical|
|PHILADELPHIA, Jan 2, 2002 /PRNewswire via COMTEX/ -- Sunoco, Inc. (NYSE: SUN)
said today that it is pleased to announce that it completed the sale of the
Yabucoa, Puerto Rico refinery to Shell Chemical Yabucoa, Inc., an affiliate of
Shell Chemical L.P., on December 31, 2001. Financial terms of the transaction
were not disclosed.
(Photo: http://www.newscom.com/cgi-bin/prnh/19981105/PHTH006 )
The plant had been in shutdown mode since May 2001. The companies have been engaged in the process of restarting the plant, in a production configuration consistent with Shell's plans.
Sunoco Chairman and CEO John G. Drosdick said, "The sale of the Yabucoa refinery to Shell Chemical is an excellent outcome for both parties and for the many employees who will continue to work at Yabucoa. This sale and previously announced sale of Sunoco's former Kendall(R) motor oil brand, and other related assets for both the Sunoco(R) and Kendall(R) brand labels to Tosco Corporation and successful exit of other portions of our Lubricants business completes Lubricants' restructuring in a very positive way. These transactions allow for the competitiveness of our remaining Lubricants operations in Tulsa, Okla. We are very pleased with these results."
Sunoco, Inc., headquartered in Philadelphia, is a leading manufacturer and marketer of petroleum and petrochemical products. With 730,000 barrels per day of refining capacity, approximately 4,100 retail sites selling gasoline and convenience items, interests in over 10,000 miles of crude oil and refined product pipelines and 35 product terminals, Sunoco is one of the largest independent refiner/marketers in the United States. Sunoco is a growing force in petrochemicals with over nine billion pounds of gross annual production capacity, largely chemical intermediates used in the manufacture of fibers, plastics, film and resins. Utilizing a unique, patented technology, Sunoco also manufactures two million tons annually of high-quality metallurgical- grade coke for use in the steel industry. For additional information, visit Sunoco's web site at www.SunocoInc.com.
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