Commodities & Energy

Reuters reveals Philadelphia refinery expected to be sold to real estate developer

Reuters reveals Philadelphia refinery expected to be sold to real estate developer

Reuters reported exclusively that bankrupt Philadelphia Energy Solutions is expected to sell its fire-damaged refinery site to real estate developer Hilco Redevelopment Partners. The 335,000 barrel-per-day refinery is the largest and oldest on the U.S. East Coast, but was shut after a fire and series of explosions on June 21 last year that destroyed a key processing unit. A sale to Hilco would reduce the possibility that the site would be resurrected as an oil refinery.