Chevron To Sell Philadelphia Refinery
Undated (AP) _ Chevron U.S.A. Products Co. said Friday it has entered substantive negotiations to sell its Philadelphia refinery to Lincolnshire Management Inc., a New York-based private investment group.
No financial details were disclosed. A definitive agreement on the sale is expected by the end of January, said Chevron vice president Peter McCrea.
Chevron had announced in May it would seek buyers for both the Philadelphia facility and a refinery in Port Arthur, Texas, as part of a restructuring effort. The deadline for bids on the Port Arthur refinery is mid-December.
Chevron U.S.A. is an operating unit of San Francisco-based Chevron Corp.