REFINERIES
Carlyle Group cites U.S. shale gas as it swoops in to save Sunoco's Philly facility
A private equity firm has agreed to buy a majority stake in the Sunoco Inc. refinery outside of Philadelphia, promising to expand the sprawling facility so it can replace expensive crude oil imports with oil produced in North America. The acquisition by the Carlyle Group is a turning point for the largest East Coast oil refinery, which Sunoco had said would close in August if it could not find a buyer.