At least 1,000 workers will lose their jobs. Note that clicking the link below will block access to this site for 24 hours.City and state officials helped save the refinery from financial doom at least once before.
There was a change worth noting, though: the promise of some sort of renewable energy project in addition to conventional fuel production.Selling plans for the site as at least moderately “sustainable” could be critical in attracting support from city leaders today. Philip Rinaldi — and Philadelphia Energy Industries. A statement from the organization on Wednesday harkened back, in some ways, to Rinaldi’s 2012 outlook. Major refinery operations certainly put that goal into question.The question is whether the city will support Rinaldi’s efforts to continue refinery operations — or whether officials might advocate for a greener alternative, in line with their 2050 commitment. (So anyone dreaming of a beautiful park or a new housing complex on the site shouldn’t get their hopes up. Again, the site is privately owned — but official influence in critical deals like this shouldn’t be understated.S.G. (He and other execs still own a 2.7 percent share of PES.) PES has promised to clean it up only to a standard that would allow for industrial use on the property.
Data analyst Gabrielle Connor reports that the shutdown of the PES Refinery will have an annual economic impact of $2.1 billion in Philadelphia and cost the city 6,300 jobs. A fire at the largest refinery on the U.S. East Coast sent gasoline prices soaring, threatening to raise pump prices from Delaware to Maine just as American drivers get set to head off on vacation. PES, which is owned by a joint venture of private-equity firm Carlyle Group LP and Energy Transfer Partners LP (ETP), filed the prepackaged plan with the U.S. Bankruptcy Court in Delaware to restructure $525 million of debt and bring in new owners. "Today, Philadelphia Energy Solutions made the difficult decision to commence shutdown of the refining complex. Chat with us in Facebook Messenger. The refinery will continue operating and paying its bills while the reorganization takes place. As a connected former PES executive expresses interest in reviving the site, Philly's ambitious environmental goals — and political tendencies — could get called into question.Before this summer, the average Philadelphian likely rarely considered Philadelphia Energy Solutions, the massive oil refinery complex located northeast of the airport. (He and other execs still own a 2.7 percent share of PES.) "The company plans to sell the refinery complex, Smith added.The city plans to support the workers and will convene a group to discuss the economic and employment impact of the refinery's closure, Kenney said.PES Holdings, a unit of Philadelphia Energy Solutions and owner of the refinery, has experienced someThe fire started with an explosion on June 21 from a vat of butane and propane, eventually engulfing the refinery and raising air quality concerns. Find out what's happening in the world as it unfolds.CNN's Kate Trafecante and Carma Hassan contributed to this reportThe company announced the decision after the refinery erupted into a AAA spokeswoman Jenifer Moore said the closure of the largest oil refinery on the East Coast will likely have an impact on gas prices in and around the region. The question: What will happen to the 1,300-acre site and the thousands of jobs there?
Mayor Kenney established the Refinery Advisory Group to bring together people with diverse experiences, knowledge, and perspectives on the refinery.
"We are grateful that the fire resulted in only a few minor injuries. I want to thank our employees for their hard work and dedication and to thank the Philadelphia community for their support. Carlyle received city support — and $25 million in state grants — to bolster its efforts, according to the With his various connections (and given the tendency of Philly’s old-boy network to lean heavily on such things during the decision-making process), Rinaldi and PEI seem likely suitors for the site. We are committed to an orderly process to safely wind down our operations. Rinaldi, 73, is a retired chief executive of the refinery. Five people suffered minor injuries in the incident. Authorities are still investigating the cause of the explosion.Refinery that exploded had a history of financial troubleRefinery that exploded had a history of financial trouble
"While it is too early to know how much prices could increase and for how long, motorists in the region will likely continue to see a fluctuation in pump prices -- especially leading up to the busy Fourth of July travel period," Moore said in a statement.The fire has made it "impossible" to continue operations, CEO Mark Smith said in a statement. And finally, the U.S. Bankruptcy Court in Delaware, where PES filed its bankruptcy petition, would need to approve any sale as part of the Chapter 11 bankruptcy.For now, two companies have expressed interest in bidding on the complex.Flames and smoke emerging from the PES complex after June 21st (AP Photo/Matt Rourke)Rinaldi, 73, is a retired chief executive of the refinery. Gas prices in the northeast could rise after Philadelphia Energy Solutions announced it's closing the largest oil refinery on the East Coast. )In addition, an investigation into the June 21st incident is still underway and could take months — or even years — to complete, stalling potential new investments.