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On the heels of its purchase of Southern Union Group, Dallas-based Energy Transfer Partners announced April 30 plans to acquire Sunoco for $5.3 billion.
Utility Service Affiliates Inc, a subsidiary of Middlesex Water Company (NASDAQ: MSEX), has signed a contract with Sunoco Logistics Partners LP.
The bank has been providing branded payment products to Sunoco since 2004.
In the short-term Elsenhans said the best option for Sunoco was to continue operating its Philadelphia and Marcus Hook, Pennsylvania, refineries.
Sunoco said on Wednesday it hopes to complete the unit's IPO by the end of the year raising maximum USD100m (EUR71m).
Sunoco said the acquisition is consistent with its strategy of utilizing its scale to grow the core fuel distribution business.
"We have made progress in increasing the efficiency of our refineries over the last several years, but given the unacceptable financial performance of these assets, it is clear that it is in the best interests of shareholders to exit this business and focus on our profitable retail and logistics businesses which have higher returns, growth potential, and provide steady, ratable cash flow," said Lynn Elsenhans, Sunoco chairman and CEO.
Sunoco also plans to restart a 35,000 bpd vacuum distillation portion of a 175,000 bpd crude distillation unit.
6 December 2010 - S&P on Friday maintained on "negative" watch the BBB- corporate credit and other ratings on US oil refiner and chemical maker Sunoco Inc (NYSE:SUN).
CNBC reported Sunoco has agreed to supply up to 2.7bn gallons of fuel per year to the acquired retail sites for at least 15 years.