ENERGY
From Times Staff and Wire Reports
Sun Co. to Buy Chevron Refinery: The company said it signed a letter of intent to buy Chevron’s Philadelphia facility for $170 million. Chevron said it expects to sell another refinery in Texas by early March. It announced in May that it was selling its refineries in Philadelphia and Port Arthur, Tex., as part of a strategy to focus on the South, Southwest and West. The Philadelphia refinery, which is owned by Chevron U.S.A. Products Co., a subsidiary of San Francisco-based Chevron Corp., has a 177,000-barrel-a-day capacity. Sun estimated the value of the inventory of oil products at the refinery at $100 million. The plant produces gasoline, distillate fuel, low-sulfur residual fuel and petrochemicals.
