Philadelphia Energy Solutions (PES) is expected to seek to permanently shut its ...
PHILADELPHIA - Philadelphia Energy Solutions is expected to seek to permanently shut its oil refinery in the city after a massive fire caused substantial damage to the complex, two sources familiar with the plans said on Tuesday.
The refinery, which could still change its plans, is also expected to begin layoffs of the 700 union workers at the plant as early as Wednesday, the sources said. The layoffs could include about half of the union workforce, with the remaining staff staying at the site until the investigation into the blast concludes, the sources said.
The 335,000 barrel-per-day complex, located in a densely populated area in the southern part of the city, erupted in flames in the early hours on Friday, in a series of explosions that could be heard miles away. After bankruptcy, Credit Suisse Asset Management and Bardin Hill became the controlling owners, with former primary owners Carlyle Group and Sunoco Logistics, an Energy Transfer subsidiary, holding a minority stake.
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