PHILADELPHIA, Apr 23, 2012 (BUSINESS WIRE) –Sunoco, Inc. (NYSE: SUN) announced today that it has entered into exclusive discussions with The Carlyle Group, a global alternative asset manager, regarding a potential joint venture involving Sunoco\’s 330,000 barrel-per-day refinery in Philadelphia. If a transaction were to be consummated, Sunoco would contribute its Philadelphia refinery assets in exchange for a non-operating minority interest in the joint venture. In addition, Sunoco would have no on-going capital obligations with respect to the refinery. Carlyle would contribute cash to the joint venture, hold the majority interest and oversee day-to-day operations of the joint venture and the facility. No other financial terms of the potential transaction were disclosed and there can be no assurances that the two companies will come to agreement.
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