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Sunoco Inc. signed a letter of intent yesterday to sell its Yabucoa, Puerto Rico refinery to Shell Chemical or its designated affiliate company. Terms of the deal were not disclosed.
Prior to the final closing, the parties intend to enter into a toll processing agreement under which the refinery, which had been in shutdown mode since early July, will be restarted. The companies expect the deal to close by the end of the year.
"This is an excellent outcome for all parties involved," said Sunoco Chairman and CEO John Drosdick. "For Sunoco, this sale will effectively complete the restructuring of our lubricants business begun last September in a positive way financially and for our employees.
"Shell is a strong industry player and will be acquiring good assets and the talented and dedicated workforce it needs to ensure the success of the business. We are pleased to have come to this result."