Sunoco Being Acquired By a Texas-Based Oil Company, But HQ Will Remain Here
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By Pat Loeb
PHILADELPHIA (CBS) — A Texas-based energy company has offered to buy Sunoco for $5.3 billion but says it will keep a strong Philadelphia presence.
In a joint statement, Sunoco and Energy Transfer LP of Dallas, Tex. say the merger will create one of the largest and most diversified energy partnerships in the US, combining Energy Transfer’s natural gas pipelines with Sunoco’s oil distribution network, including its 4,900 gas stations.
Sunoco spokesman Tom Golembeski says the company will keep its Philadelphia headquarters in a center city office building.
“Sunoco’s going to be an economic force in the Greater Philadelphia area,” he tells KYW Newsradio. “The retail and logistics businesses will continue to be based there, and the Sunoco brand will continue to be used.”
Golembeski says the sale won’t affect ongoing talks with the Carlyle Group to create a joint venture at Sunoco’s plant in South Philadelphia, and it offers hope for a revival of the shuttered Marcus Hook plant, which he says could become a natural-gas-to-liquid facility for Energy Transfer.