Sunoco Logistics buys Marcus Hook refinery
Sunoco Logistics Partners L.P., the energy pipelines and terminal operator, has acquired the former Sunoco refinery in Marcus Hook for $60 million and plans to develop it into "world class" hub for shipping natural gas liquids from the Marcellus and Utica Shale formations.
Sunoco Logistics Partners L.P., the energy pipelines and terminal operator, has acquired the former Sunoco refinery in Marcus Hook for $60 million and plans to develop it into "world class" hub for shipping natural gas liquids from the Marcellus and Utica Shale formations.
The acquisition, announced with the company's first quarter earnings on Wednesday, "demonstrates Sunoco Logistics' continued commitment to pursue opportunistic growth in natural gas liquids," said Michael J. Hennigan, president and chief executive officer.
The Marcus Hook site has deep water berths, rail access, pipeline connections and five underground caverns for storing material like propane and butane.
The sale was essentially an in-house transaction. Sunoco is owned by Energy Transfer Partners L.P., of Dallas, which is also the general partner of Sunoco Logistics.