By Laila Kearney
By Laila Kearney
NEW YORK, Jan 21 (Reuters) – The bankrupt Philadelphia Vitality Options is predicted to promote its fire-damaged refinery website to actual property developer Hilco Redevelopment Companions, three sources acquainted with the scenario mentioned on Tuesday.
The settlement between PES and Hilco, a Chicago-based developer, is predicted to be introduced in a while Tuesday. PES and Hilco didn’t instantly reply to requests for remark. A metropolis official declined to remark.
The sale reduces the chance that the more-than 1,300-acre (526-hectare) Philadelphia website could be resurrected as an oil refinery, however it’s potential that Hilco may lease it to a refinery, biofuels or different heavy industrial operation, the sources mentioned.
The 335,000 barrel-per-day refinery is the most important and oldest on the U.S. East Coast, however was shut after a hearth and collection of explosions on June 21 final 12 months that destroyed a key processing unit.
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