Reuters reveals Philadelphia refinery expected to be sold to real estate developer

Reuters reported exclusively that bankrupt Philadelphia Energy Solutions is expected to sell its fire-damaged refinery site to real estate developer Hilco Redevelopment Partners. The 335,000 barrel-per-day refinery is the largest and oldest on the U.S. East Coast, but was shut after a fire and series of explosions on June 21 last year that destroyed a key processing unit. A sale to Hilco would reduce the possibility that the site would be resurrected as an oil refinery.